Since Bank of China opened the market for dollar additional tier one AT1 bonds from Chinese issuers in October 2014, there have been $20.3 billion of deals. But until this September, only China’s biggest banks had come to the market.
Their dominance is now being challenged. China Cinda Asset Management raised $3.2 billion on September 23. China Citic Bank sold a $500 million deal less than a week later. And most recently, Huisang Bank turned to investors with a $888 million deal on Thursday.
Huishang Bank was little known to credit investors, having never before issued a bond offshore. But after approaching investors with a...
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