Wing Hang prices sub debt

Joint-leads JPMorgan and Morgan Stanley completed a lower tier 2 deal for Wing Hang Bank yesterday (Wednesday), bringing pricing inside guidance and marginally lifting the issue size. A $1 billion plus order book was registered for the deal, but since the bank is using proceeds to complete its acquisition of Chekiang First Bank, it decided to cap the final amount at $275 million, just $25 million over the base size.