Zheshang Bank sells maiden AT1 capital

The Hong Kong-listed lender shrugs off volatility in global markets, issuing its first-ever dollar bond.

Just over a year after listing on Hong Kong’s main board, China Zheshang Bank, a commercial lender based in the country’s eastern Zhejiang province, has made its first foray into the international bond markets.

The bank raised a whopping $2.175 billion from the sale of a perpetual additional tier-1 bond.

Zheshang Bank sold the deal around the same time that Alipay, an Alibaba subsidiary that was a cornerstone investor in the bank's 2016 IPO, sold approximately $30 million worth of shares to a single investor, according to people familiar with the company. The deal was also launched in the midst of a downturn in investor...

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