Agricultural Bank of China, the country’s third-largest lender by market value, has raised Rmb40 billion $6.5 billion through the onshore market’s first preference share issue, setting a benchmark for upcoming offerings.
The deal received strong interest and the book was just under 1.5 times covered, according to a source close to the deal. This enabled the issuer to tighten its pricing twice from an initial price guidance range of 6% to 7% to a final price of 6%.
Diverse investors, including insurance companies, bank wealth management accounts, mutual funds and corporate pension funds, participated in the bookbuilding, which started on October 31.
The sale...
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