By William Gullotti
Buffalo, N.Y., Aug. 15 – China’s Zhongyuan Bank Co., Ltd. issued RMB 10 billion of 4.6% undated capital bonds in China’s domestic interbank bond market on Tuesday, according to an announcement.
The initial coupon will reset after five years and on five-year intervals thereafter.
The bonds will be callable on any interest payment date after the first interest reset.
Proceeds will be used to replenish the bank’s additional tier 1 capital.
The commercial bank is based in Zhengzhou, China.
Issuer: | Zhongyuan Bank Co., Ltd.
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Amount: | RMB 10 billion
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Issue: | Undated capital bonds
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Tenor: | Perpetual
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Coupon: | 4.6%, resets every five years
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Call option: | On any dividend payment date after five years
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Settlement date: | Aug. 15
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Distribution: | China
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