December 9, 2015 / 1:38 AM / 4 years ago

China Construction Bank markets up to US$3.1bn AT1 offer

HONG KONG, Dec 9 (IFR) - China Construction Bank is marketing a US dollar perpetual non-call five AT1 capital offshore preference shares in the 4.85 percent area.

The A1/A/A issuer mandated nine banks for the offering.

CCB International, HSBC, UBS and Standard Chartered Bank are joint global coordinators and China Construction Bank (Asia), BOCOM International, Citi, JP Morgan and Morgan Stanley are joint bookrunners and joint lead managers.

The size of the deal is not yet known, but CCB has approval to issue up to $3.1 billion.

Investor meetings were held in Singapore and Hong Kong on Monday and Tuesday.

The offshore preference shares are expected to be rated Ba2 by Moody’s and BB by S&P.

CCB mandated banks for the AT1 issue as far back as August 31. Bankers said the deal was delayed for political reasons.

In May CCB issued $2 billion Tier 2 bonds at 3.875 percent, in an offering that received orders over $7 billion. (Reporting by Spencer Anderson; editing by Vincent Baby and Daniel Stanton)

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