With Deutsche Bank and JPMorgan as joint bookrunners, the majority-government owned bank is planning to raise $300 million from a ten non-call five offering. After Singapore, the team moves to Hong Kong on Friday, then Frankfurt the following Monday and London on Tuesday, before pricing of the reg S deal either Wednesday or Thursday.
Pricing has been given a considerable boost by Standard Poor's decision to lift the bank's senior debt rating by one notch from BBB- to BBB. Previously its subordinated debt had been assigned a non-investment grade rating of BB, but this will move up one notch to investment grade territory as well.
Moody's and Fitch by contrast,...
