Spencer Anderson is a senior report at IFR on the people and markets desk. Since joining in 2011 he has written extensively on banking regulation, tax issues and capital markets. He was previously with the Financial Times.
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ICBC Asia last week printed the world’s tightest coupon on a US dollar Additional Tier 1 bond issue, underscoring its ability to price deals at more competitive levels than its global peers, even if it means leaving some Western investors behind.
Bank of China issued the world’s largest Green bond across three tranches, effectively reopening an Asian bond market that was shrouded by concerns over the United Kingdom’s decision to leave the European Union.
China’s big four banks may struggle to meet an estimated capital requirement of US$1trn, the world’s largest shortfall in total loss-absorbing capacity, as this kind of paper will prove a tough sell for onshore investors.