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BOC to issue 120b yuan in subordinated bonds in 4 years

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-06 18:15

Bank of China (BOC), the country's third-largest commercial lender by market value, is planning to raise up to 120 billion yuan ($17.54 billion) over the next four years through the issuance of subordinated bonds, the lender said in a statement on Thursday.

Related readings:  BOC gives more loans to key industries in China  BOC profits up after offsetting subprime impact  BOC RMB bonds in HK oversubscribed by 200%  Bank of China to lend $44b in Sichuan for rebuilding

According to BOC's statement, the term of the bonds should be not less than five years.

China's financial institutions have sold 84.8 billion yuan of bonds in the first two months of this year to raise capital as the government pushes them to support economic growth.

China Construction Bank sold 30 billion yuan worth of subordinated bonds between Feb 24 and March 2 to improve its capital adequacy ratio.

Chinese lenders extended a record 1.62 trillion yuan of new loans in January, according to figures from the central bank.