- Monday 2010-02-08 17:54
Bank of China (601988, 3988.HK) plans to issue 24 billion yuan worth of 15-year subordinated bonds at end February at the earliest, reports Xinhua News Agency, citing an unnamed source with knowledge of the matter.
Previously, Bank of China had announced that it will issue up to 40 billion yuan worth of convertible bonds and will obtain financing from the H-share market.
According to the source, CITIC Bank (601998, 0998.HK) will issue 25 billion yuan worth of 15-year subordinated bonds at end March.
CITIC Securities (600030) and Bank of China International will act as the underwriters for Bank of China' bond issue.
CITIC Securities will be the underwriter for CITIC Bank's bond issue.
As of end September, 2009, the core capital adequacy ratio of Bank of China and CITIC Bank fell to 9.37 percent and 9.84 percent respectively from 10.81 percent and 12.32 percent at end 2008.
