By Reshmi Basu
New York, March 14 - Bank of East Asia placed a £300 million offering of perpetual subordinated bonds (Baa1/BBB) at 99.622 with a 6 1/8% coupon to yield 120 basis points more than Gilts, according to a market source.
The bonds will be callable on March 21, 2012. If the bonds are not called, the coupon steps up to three-month Libor plus 80 bps.
UBS Investment Bank was the bookrunner for the transaction.
The issuer is an independent local bank in Hong Kong.
| Issuer: | The Bank of East Asia
|
| Amount: | £300 million
|
| Issue: | Subordinated bonds
|
| Maturity: | Perpetual
|
| Coupon: | 6 1/8%
|
| Issue price: | 99.622
|
| Spread: | 120 bps over Gilts
|
| Call option: | Callable on March 21, 2012, if not called, coupon steps to three-month Libor plus 80 bps
|
| Lead manager: | UBS Investment Bank
|
| Pricing date: | March 14
|
| Settlement date: | March 20
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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