Huishang AT1 heralds ‘second wave’ of China supply

China’s biggest and best known banks have issued a stream of additional tier one bonds over the last two years. Now, it is time for the smaller players to have their turn.

Since Bank of China opened the market for dollar additional tier one AT1 bonds from Chinese issuers in October 2014, there have been $20.3 billion of deals. But until this September, only China’s biggest banks had come to the market.

Their dominance is now being challenged. China Cinda Asset Management raised $3.2 billion on September 23. China Citic Bank sold a $500 million deal less than a week later. And most recently, Huisang Bank turned to investors with a $888 million deal on Thursday.

Huishang Bank was little known to credit investors, having never before issued a bond offshore. But after approaching investors with a...

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