- Tuesday 2010-03-09 16:13
The indicative range of the coupon rate for the first 10 years of Bank of China's (601988) 15-year subordinated bonds issue has been set at between 4.68 percent to 4.88 percent, reports Securities Times, citing company filings of its major underwriters, BOC International and CITIC Securities (600030).
According to the the report, Bank of China has an option to redeem the bonds at the end of the 10th year.
The scale of the subordinated bonds issue is expected to hit 24.93 billion yuan.
The coupon rate for the first 10 years will be finalized after the bookbuilding process has been completed.
Should Bank of China choose not to redeem the bonds, the coupon rate for the final five years of the bond's tenure will be raised by 300 basis points.
