China Citic Bank prices $300m Basel III bond

The Chinese bank issues Asia’s second dollar-denominated Basel III Tier 2 note after ICBC Asia’s poor secondary market performance in the bank capital realm.

Citic’s notes have solo recognition, meaning that the debt is qualified as Tier 2 capital for the bank itself.

Chien Mi Wong

November 01, 2013

China Citic Bank International raised a $300 million 10.5-year Basel III-compliant Tier 2 subordinated note with a callable option in 5.5 years on Thursday, in spite of investor concerns for the pricing and structural elements of such bonds.

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