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News Publish Date:Thursday 2010-07-01
News Article Title: ICBC To Raise 22B Yuan Through Subordinated Bond Issue
News Article Content: <p style="text-align:center"><img src="http://www.capitalvue.com/view.php?ck=a436f5aa6fc2c2372970b602ed640df5jm4&amp;size=400%22" alt="" border="0" title="ICBC To Raise 22B Yuan Through Subordinated Bond Issue"></p> <br><div style="text-align: center"><img src="/view.php?ck=a436f5aa6fc2c2372970b602ed640df5jm4&amp;size=400" border="0" alt="" title="&nbsp;&nbsp;&nbsp;" /></div> <p align="justify">July 1 -- Industrial and Commercial Bank of China (ICBC) (601398) plans to issue 22 billion yuan worth of subordinated bonds in order to boost its Tier-2 capital, reports 163.com, citing Reuters which quoted two unnamed sources familiar with the matter.&nbsp;</p> <p align="justify">According to one of the source, ICBC, the world's largest bank by assets, had engaged Citic Securities (600030), the Chinese joint venture of Credit Suisse and China International Capital Corp (CICC) to handle the sale of subordinated bonds.&nbsp;</p> <p align="justify">The source added that the 22 billion yuan issue of subordinated bonds will replace a similar amount of bonds issued in 2005 which will mature shortly.&nbsp;&nbsp;</p> <div align="justify">According to the bank's Annual Report, ICBC had in 2008 received approval to issue up to 100 billion yuan worth of subordinated bonds by the end of 2011. It had issued 40 billion yuan worth of subordinated bonds last year.<br /></div> <p align="justify">According to the bank's Quarterly Report, ICBC had core capital adequacy ratio of 9.58 percent while capital adequacy ratio was 11.98 percent.</p>
News Article URL:http://www.capitalvue.com/home/CE-news/inset/@10063/post/1202767