ICBC Asia sets AT1 coupon mark

摘要

ICBC Asia last week printed the world's tightest coupon on a US dollar Additional Tier 1 bond issue, underscoring its ability to price deals at more competitive levels than its global peers, even if it means leaving some Western investors behind. The Hong Kong unit of China's largest bank issued the first AT1 offering of the year from Asia, excluding Japan and Australia, with a US$1bn perpetual non-call five deal priced at 4.25%. The final price tag was 50bp inside initial guidance of around 4.75%.