工银亚洲AT1美金债券的初始指导价格为4.75%区域

工银亚洲刚刚发布了AT1美金债券的指导价格：4.75%区域。这笔新债是PerpNC5, Benchmark size。工商银行的优先股ICBCAS 6 12/29/49的今日中间价为106，YTC为4.06%。这笔新债的具体条款如下： Issuer: Industrial and Commercial Bank of China (Asia) Limited (the “Issuer” or “Bank”) Issuer Ratings: A2 (Negative) Moody’s / A (Stable) Fitch Issue: Basel-III Compliant Non-Cumulative Subordinated Additional Tier 1 Capital Securities (“AT1”) Expected Issue Rating: Ba1 (Moody’s) Format: Reg S Only Size: USD benchmark Tenor: Perpetual NC 5 Years Price Guidance: 4.75% area Coupon Reset: Every 5 years, No step up Distribution: Fully discretionary and non-cumulative at the sole discretion of the Issuer Mandatory Distribution Cancellation: Insufficient distribution reserves or required by HKMA Dividend Stopper: Yes Loss Absorption: Non-Viability loss absorption only. When Non-Viability event occurs, permanent and progressive principle written down. HKMA Bail-in Power: Yes Tax/Regulatory redemption: Yes, in whole but not in part.