Money

China to vet BOC bond sale on Monday

(Agencies)
Updated: 2010-05-21 11:14

China's securities watchdog will review Bank of China's proposed sale of up to 40 billion yuan in convertible bonds on Monday, it said in a statement on its website.

Related readings:  China approves 287b yuan bank fundraising  BOC, ICBC may make A, H share rights issue  BOC enjoys leap in first-quarter profit  Bank of China FY profit at 81b yuan

Bank of China announced in January plans for the issue of six-year bonds, convertible into its Shanghai-listed shares, to shore up its capital base and maintain its lending capacity, joining a rush of fundraising by Chinese lenders.

Guo Shuqing, chairman of China Construction Bank, the world's second-largest lender by market value, said in an interview with Reuters on Thursday that CCB may delay its planned $11 billion capital-raising to early next year due to uncertain market conditions.