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Bohai Bank Issues Subordinated Bonds

09-09 18:56 Caijing

» China Bohai Bank, in which Standard Chartered Bank (Hong Kong) Ltd. holds a 19.99 percent stake, has completed the issue of 1.2 billion yuan worth of 10-year subordinated bonds, the bank said in a Sept. 9 statement.
» The subordinated bond issue, which started Sept. 4, is the first to be completed since the banking regulator said it would phase-in rules forbidding banks from counting cross-held subordinated debt as part of their core capital.
» The bonds carry a fixed coupon rate of 5.3 percent for the first five years, after which they become callable.
From wires
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