By Devika Patel
Knoxville, Tenn., Sept. 16 - Industrial and Commercial Bank of China Ltd. said it sold RMB 22 billion in subordinated bonds on Tuesday.
The issue was made on a revolving basis and was used to substitute for the redeemed portion of the subordinated bonds issued in 2005.
The bonds were issued in two tranches: RMB 5.8 billion of 10-year fixed-rate 3.9% bonds, which are redeemable after five years, and RMB 16.2 billion of 15-year fixed-rate 4.1% bonds, which may be redeemed after 10 years.
Proceeds will be used to replenish the Beijing-based bank's subordinated capital.
| Issuer: | Industrial and Commercial Bank of China Ltd.
|
| Issue: | Subordinated bonds
|
| Amount: | RMB 22 billion
|
| Settlement date: | Sept. 14
|
|
|
| 10-year bonds
|
| Amount: | RMB 5.8 billion
|
| Maturity: | 10 years
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call option: | After five years
|
|
|
| 15-year bonds
|
| Amount: | RMB 16.2 billion
|
| Maturity: | 15 years
|
| Coupon: | 4.1%
|
| Price: | Par
|
| Yield: | 4.1%
|
| Call option: | After 10 years
|
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