By Aaron Hochman-Zimmerman
New York, June 15 - Bank of East Asia priced $600 million of 10-year step-up tier II subordinated notes (A3/BBB+) at par to yield Libor plus 52 bps, according to a market source.
The fixed rate notes sold tight of the initial guidance of Libor plus 55 basis points.
The bonds are noncallable until June 21, 2012, and offer a 100 bps step up if they are not redeemed.
JP Morgan brought the Rule 144A and Regulation S deal to market.
Bank of East Asia is a Hong Kong-based commercial and investment bank.
Issuer: Bank of East Asia
Amount: $600 million
Issue: 10-year tier II notes
Maturity: June 22, 2017
Coupon: Libor plus 52 bps
| Price: | Par
|
| Yield: | Libor plus 52 bps
|
| Bookrunner: | JP Morgan
|
| Pricing date: | June 14
|
| Distribution: | Regulation S
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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