Bank of china's inaugural offering of Basel Ill-compliant Additional Tier 1 preference shares drew a surprisingly high level of interest after formally announcing a roadshow on Wednesday ahead of a jumbo issuance of as much as US$6.5bn. As of Thursday afternoon, the state-owned bank had received an impressive US$17bn in indications of interest, according to two market sources. The leads have been informally marketing the landmark Reg S deal in the past few months, and wide coverage from analysts and the press has helped investors understand the novel loss-absorption instruments in Asia.
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