By Marisa Wong
Madison, Wis., June 30 - Industrial and Commercial Bank of China Ltd. announced it issued RMB 38 billion of 5.56% subordinated bonds on Wednesday.
The bonds have a term of 20 years and are callable after 15 years.
Proceeds will be used to replenish the bank's subordinated capital.
As previously reported, the Beijing-based bank was granted approval at a shareholders meeting in October 2008 to issue up to RMB 100 billion of subordinated bonds in different series by the end of 2011. The current RMB 38 billion deal brings the total amount of subordinated bonds issued to RMB 100 billion. The bank already issued a total of RMB 62 billion of bonds, of which RMB 40 billion was issued in 2009 and RMB 22 billion was issued in 2010.
| Issuer: | Industrial and Commercial Bank of China Ltd.
|
| Issue: | Subordinated bonds
|
| Amount: | RMB 38 billion
|
| Maturity: | 2031
|
| Coupon: | 5.56%
|
| Call option: | After 15 years
|
| Settlement date: | June 29
|
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