Bank of China has raised a $6.5 billion Basel III-compliant Additional Tier 1 note the biggest single tranche dollar-denominated bank capital sale ever boosting much-needed capital buffers to counter China’s growing non-performing loans issue.
The bond the first offshore preference share offering from a Chinese company received a whopping order book of $21.8 billion from more than 200 accounts, according to a source close to the deal. This enabled the issuer to tighten its pricing from an initial price guidance range of between 6.875% to 7% to a final price of 6.75%.
BOC’s debut dollar-denominated AT1 offering had guaranteed orders of $14 billion before...
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