By Marisa Wong
Madison, Wis., Dec. 30 - Industrial and Commercial Bank of China Ltd. announced that it issued RMB 50 billion of 5½% subordinated bonds in China on Dec. 29.
The bonds have a maturity of 15 years and are callable after 10 years.
The Beijing-based bank said in September that its board of directors approved the issue of up to RMB 70 billion of subordinated bonds. Shareholders also granted approval of the planned issuance at a general meeting on Nov. 29. On Dec. 28, the bank announced that it received authorization from the China Banking Regulatory Commission to issue up to RMB 50 billion of the bonds.
Proceeds from the bond issue will be used to replenish the bank's subordinated capital.
| Issuer: | Industrial and Commercial Bank of China Ltd.
|
| Issue: | Subordinated bonds
|
| Amount: | RMB 50 billion
|
| Maturity: | 15 years
|
| Coupon: | 5½%
|
| Call option: | After 10 years
|
| Settlement date: | Dec. 29
|
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