By Marisa Wong
Los Angeles, Dec. 1 – Weihai City Commercial Bank Co., Ltd. announced it issued RMB 1.1 billion of capital bonds with an initial coupon of 4.8%.
The coupon rate resets after five years and every five years after that.
The bonds have no set maturity but will be callable on any interest payment date after five years.
Proceeds from the bonds will be used to replenish the bank’s other tier 1 capital.
The issuer is a commercial bank based in Weihai, China.
| Issuer: | Weihai City Commercial Bank Co., Ltd.
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| Issue: | Indefinite-term capital bonds
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| Amount: | RMB 1.1 billion
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| Maturity: | Perpetual
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| Coupon: | 4.8%, resets after five years and every five years after that
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| Call option: | On any interest payment date after five years
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 1
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