The Bank Of East Asia's Proposed Debut Senior Nonpreferred Loss-Absorbing Notes Rated 'BBB'

The Bank of East Asia Ltd. proposes to issue its inaugural U.S. dollar-denominated nonpreferred loss-absorbing notes under its US$6 billion medium-term note program. The proposed notes would be subject to conversion to common equities or write-down in a resolution scenario after subordinated instruments, but before senior obligations. On June 22, 2022, we assigned our 'BBB' long-term issue rating to the proposed notes, and 'BBB' program rating to the nonpreferred loss-absorbing notes tranche of the medium-term notes program. The rating is one notch lower than our assessment of the Bank of East Asia's stand-alone credit profile (SACP), based on our view that the proposed notes are subordinated to more senior obligations and do not carry additional default risk relative to that

...June 22, 2022 - The Bank of East Asia Ltd. proposes to issue its inaugural U.S. dollar-denominated nonpreferred loss-absorbing notes under its US$6 billion medium-term note program. - The proposed notes would be subject to conversion to common equities or write-down in a resolution scenario after subordinated instruments, but before senior obligations. - On June 22, 2022, we assigned our '###' long-term issue rating to the proposed notes, and '###' program rating to the nonpreferred loss-absorbing notes tranche of the medium-term notes program. - The rating is one notch lower than our assessment of the Bank of East Asia's stand-alone credit profile (SACP), based on our view that the proposed notes are subordinated to more senior obligations and do not carry additional default risk relative to that represented by the SACP. SINGAPORE (S&P Global Ratings) June 22, 2022--S&P Global Ratings today assigned its '###' long-term issue rating to a tranche of nonpreferred loss-absorbing notes under...

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