wing-hang-bank-launches-225-million-perpetual-bond

Wing Hang Bank launches $225 million perpetual bond

The deal is being closely watched as it may prompt other regional banks and corporates to take a second look at issuance.

Mukul Munish

September 04, 2008

Mid-sized Hong Kong lender Wing Hang Bank is to sell $225 million worth of perpetual upper tier-2 bonds with a coupon of 9.375%, sources close to the deal say. The coupon was set at the bottom of the guidance range of 9.375%-9.5% provided by Wing Hang on Tuesday. The bond is expected to price at about 100.

The bonds are callable at par on September 11, 2013, five years after the date of issue and are rated A3 by MoodyÆs and BBB by Fitch Ratings.

The deal is being closely watched by investors as it is expected to start a rush of issuance from Asian corporates and banks after a dry summer when most of...

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