Bank of China Hong Kong has returned to the Asian debt market with a $900 million tap of its existing 10-year 5.5% lower tier-2 subordinated bond that was launched and priced on February 4 this year.
The issue was the largest non-sovereign tap from Asia to date and increased the Reg-S144A bond to $2.5 billion from $1.6 billion.
The initial price guidance was announced mid-afternoon Monday Hong Kong time at 176bp to 181bp over the equivalent 10-year US Treasury yield. This was later revised, at the close of London trading, to a final guidance of Treasuries plus 176bp. At the same time, the deal size was specified at between $600 million and $900...
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