CCB to issue 20b yuan of subordinated bonds
(Xinhua)
Updated: 2007-10-23 16:22
The China Construction Bank will issue 20 billion yuan (US$2.67 billion) worth of subordinated bonds in November to replenish its capital adequacy, a key measure of a bank's financial strength, China Securities Journal reported Tuesday.
The commercial bank's subordinated bonds are rated AAA grade by China Lianhe Credit Rating Co Ltd, and will be priced at 100 yuan. Four types of bonds will have terms of 10 years and 15 years. China International Capital Corporation Limited is the lead underwriter.
The bank will issue ten billion and six billion yuan of the first two fixed-rate bond products, and two billion yuan each of the other two.
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