ICBC’s Macau branch raised a $320 million 10-year Basel II-compliant or old-style note on Wednesday, given the fact that the special administrative region has not implemented the new Basel III rules yet.
The Chinese bank’s latest Reg-S offering, which is callable in year five, garnered interest from quality investors that were interested in holding the old-style as the structure does not come with the point of non-viability PONV clause a trigger where investors could lose all their money if regulators decide the financial institution cannot survive.
“Investors appreciated the rarity of this type of structure,” said a source close to the deal, adding that the...
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