Bank of Jinzhou eyes RMB 14 billion tier 2, micro enterprise bonds

By Marisa Wong

Morgantown, W.Va., May 12 – Bank of Jinzhou Co., Ltd. plans to issue up to RMB 4 billion of tier 2 capital bonds and up to RMB 10 billion of separate financial bonds, according to a company announcement.

The tier 2 bonds will have a maturity of no more than 10 years, and the other bonds will have a maturity of up to five years.

The bank intends to use proceeds from the tier 2 bonds to replenish its tier 2 capital and proceeds from the other bonds to support its small and micro enterprise loan business.

The proposed issuances are subject to shareholders’ approval at an upcoming extraordinary general meeting. If granted, the approval would be valid for 24 months.

The bank is based in Jinzhou, China.

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