By Aaron Hochman-Zimmerman
New York, Sept. 3 - Wing Hang Bank Ltd. (A3//BBB+) priced $225 million of perpetual upper tier II notes at par to yield 9 3/8%, according to a market source.
The deal came at the rich end of final price guidance, which was lowered to 9 3/8% to 9½% from 9½% to 10%.
Deutsche Bank, HSBC, Merrill Lynch and RBS acted as bookrunners for the Regulation S eurobond.
The bonds were drawn from a $2 billion medium-term subordinated note program.
They are non-callable until Sept. 11, 2013.
Proceeds from the sale will be used for general corporate purposes.
Wing Hang is a Hong Kong-based provider of commercial banking and related financial services.
| Issuer: | Wing Hang Bank Ltd.
|
| Amount: | $225 million
|
| Issue: | Upper tier II notes
|
| Maturity: | Perpetual
|
| Coupon: | 9 3/8%
|
| Price: | Par
|
| Yield: | 9 3/8%
|
| Call: | Sept. 11, 2013 onwards
|
| Bookrunners: | Deutsche Bank, HSBC, Merrill Lynch, RBS
|
| Pricing date: | Sept. 3
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: A3
|
| Fitch: BBB+
|
| Price talk: | 9 3/8% to 9½%, revised from 9½% to 10%
|
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