Joint-leads JPMorgan and Morgan Stanley completed a lower tier 2 deal for Wing Hang Bank yesterday Wednesday, bringing pricing inside guidance and marginally lifting the issue size. A $1 billion plus order book was registered for the deal, but since the bank is using proceeds to complete its acquisition of Chekiang First Bank, it decided to cap the final amount at $275 million, just $25 million over the base size.
Having being marketed at a spread of 180 to 185bp over Treasuries, the 10 non-call five deal was priced at 175bp over on an issue price of 99.659% and coupon of 5.25%. This equates to a yield of 5.326% or 126bp...
