In what is being proclaimed as the first bank capital deal for a mainland Chinese-owned bank, Citic Ka Wah has successfully launched a $300 million lower tier 2 sub-debt deal.
The deal was upsized from $250 million, while a third of the deal was taken up by Hong Kong accounts, and the rest split between Singaporean and European accounts. Whether or not it should be taken as a surprise, there was very little participation from the US.
Lead managers Barclays Capital, ICBC and UBS Warburg priced the deal at 290bp over five-year treasuries, having gone out to the market with a range of 285-295bp over.
The deal came about 50 basis points...