Joint bookrunners JPMorgan and Morgan Stanley are expected to launch a 10 non-call five issue for Wing Hang Bank at the beginning of next week. Pricing of the lower tier 2 issue is provisionally scheduled for either Wednesday or Thursday following roadshows in Singapore, Hong Kong and possibly London.
The deal will part finance the bank's HK$4.8 billion $615 million acquisition of Chekiang First Bank from Mizuho Corporate Bank. This is being completed through a combination of subordinated debt HK$2 billion, cash $1.65 billion and a special dividend HK$1.15 billion.
Pre-transaction, Wing Hang had an overall CAR of 16.5% of which tier 1 equity comprised...
