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Bond Market News
Chinese Banks to Call Back $12bn in Perpetual Bonds amid Surge in Rates
September 20, 2022
Rising interest rates in the US, evident in US Treasury yields reaching decade highs, have compelled Chinese banks to call back their perpetual bonds (callable in September and October). Details can be seen in the table below:
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Given that the US 5Y yield has hit its highest levels since 2007, all of the above bonds would be subject to a much higher coupon reset if it were not called as evident by the last column.
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