China Merchants Bank, a Shenzhen-based lender, raised $1 billion from the sale of a perpetual non-call five-year additional tier-1 bond on Thursday, building a capital buffer against the growth of bad debt in what seems a politically smart move.
The Reg S deal comes at the time when China's political heavyweights are attending the biggest political event in five years in Beijing, the 19th communist party congress.
One of the widely-discussed issues at the congressional meeting is the pace of deleveraging in the corporate sector. Key policy makers, including the People’s Bank of China governor Zhou Xiaochuan, have recently warned of the rising financial leverage among...
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