- China CITIC International’s $300
million Basel III tier 2 offering was the first tier 2 bond
in Asia that included a partial write-down
- The deal was popular with institutional
investors, indicating that they are becoming more comfortable
with the contractual loss absorption feature;
- While ICBC Asia’s offering, the
first USD Basel III Tier 2 bond in Asia, counted as both
regulatory capital for the Hong Kong bank and its Chinese
parent, China CITIC’s bond counted for
regulatory capital for the Hong Kong bank only.
China CITIC Bank International issued a
USD-denominated Basel III-compliant tier 2 bond on October 31.
It represented the first tier 2 issuance in Asia with a partial
The $300 million issuance follows that of ICBC Asia, which