Bank of Communications Bocom on Wednesday became the first Chinese bank this year to raise additional Tier 1 AT1 subordinated bank capital in the offshore markets.
The Basel III-compliant preference share offering was not as large as ICBC's $2.94 billion transaction from December in terms of issue size or investor demand, but the $2.45 billion deal arguably had a lot more momentum given how subdued market conditions remain.
Bocom's $9 billion book of demand also contrasted sharply with the most recent AT1 deal from Asia - Woori Bank's $500 million deal, which scraped together $1 billion in early June.
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