Home China Headline BoCom to issue bonds to stock up capital

BoCom to issue bonds to stock up capital

China's Bank of Communications announced yesterday it would issue subordinated bonds worth 25 billion yuan (US$3.21 billion) through the country's interbank market to replenish capital. The bonds, some with 10-year terms and some with 15 years, will be issued from March 6 to 8, according to a statement from the bank. The Shanghai-based bank, China's fifth largest, has chosen China Galaxy Securities Co Ltd as the only underwriter and bookrunner. This will be the largest issue of subordinated bonds to be underwritten by a securities dealer since China launched its interbank market in June 1997. The underwriting syndicate is made up of the 40 "most vigorous" financial institutions in the interbank market, including state commercial banks, urban commercial banks, insurance firms and securities dealers, said the bank. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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