Dah Sing Bank sold a $225 million Basel III-compliant Tier 2 subordinated bond on Wednesday Asia’s first for the year and third ever to be issued in dollars setting the stage for more to come as investor familiarity towards such structures improves.
The deal is a close replica with minor tweaks to China Citic Bank International’s Basel III Tier 2 note issued in late October, which sought to address investor fears over such structures by making it more investor-friendly. These two transactions were built on the weak foundation of ICBC Asia’s Tier 2 paper issued in early October that immediately underperformed on the first day of trading.
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