September 14, 2017 / 1:24 AM / 10 months ago

Postal Savings Bank of China to meet investors for US dollar AT1 securities

HONG KONG, Sept 14 (IFR) - Postal Savings Bank of China , rated A2/A/A+, will meet investors in Hong Kong, Singapore, Paris and London starting tomorrow for a planned Rmb50bn (US$7.6bn) US dollar-denominated Additional Tier 1 capital non-cumulative perpetual offshore preference shares offering.

CICC HK Securities, Goldman Sachs, JP Morgan, UBS, Morgan Stanley, Bank of America Merrill Lynch, ICBC (Asia), HSBC and DBS Bank are joint global coordinators.

The nine banks are also joint bookrunners and joint lead managers with Haitong International, ICBC International, CCB International, ABC International, Citic CLSA Securities, BOC International, Huarong Financial, Standard Chartered Bank, Ping An of China Securities (Hong Kong), China Merchants Securities (HK), Credit Agricole and Deutsche Bank.

The proposed Reg S AT1 issue has expected ratings of Ba3 by Moody’s.

PSBC said in a statement last night it had received approval from the China Securities Regulatory Commission for its offshore preference shares plans. (Reporting by Carol Chan, Editing by Vincent Baby)

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