Bank of Tianjin Oked to Offer CNY1.5bn Subordinated Bonds
BACHF | Quote | Chart | News | PowerRating -- Bank of Tianjin, a commercial lender located in China's eastern municipality of Tianjin, issued a statement that it has won regulatory approval to sell CNY 1.5 billion fixed-rate subordinated bonds on interbank market.
BOCI International (China) Limited, a solely owned investment banking arm of Bank of China Limited (SHSE: 601988, SEHK: 3988), is the lead underwriter and book runner.
These subordinated bonds with a term of 10 years will be available for subscription from November 18 to 20, and will generate interest starting from November 20.
The bank has right to redeem the bonds at the end of the fifth year. The annual coupon rate of the bonds will be added by 300 basis points in the last five years if the issuer will not exercise the redemption right.
The Tianjin lender said it would use raised funds to replenish supplementary capital, improve capital structure and further enhance capital strength.
Bank of Tianjin reaped CNY 605 million net profit in the first six months and maintained capital adequacy ratio at 12.38 percent by last year end.
Source: www.hexun.com (November 18, 2009)
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