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China Zheshang Bank Co is out with its maiden international additional tier one, while Xinjiang Guanghui Industry Investment (Group) Co, the largest shareholder in China Grand Auto, is prepping for its offshore debut.
Hong Kong-listed China Zheshang Bank Co is marketing its dollar AT1, a perpetual non call five, with initial price guidance set in the 5.7% area by joint global co-ordinators BOC International, CICC HK Securities, Citic CLSA Securities, CMB International, Haitong International, HSBC and Ping An of China Securities (Hong Kong) Company.
Joint bookrunners and joint lead managers also include ABC International, BNP Paribas, BoCom HK branch, CMBC International, CCB International, China Silk Road International Capital, Goldman Sachs (Asia), SPDB International and Yue Xiu Securities Company.
The key comparable for the AT1 is China Minsheng Banking Corp's $1.439bn...