SHANGHAI/BEIJING: Shenzhen Development Bank, a mid-sized Chinese lender, plans to soon issue 6.5 billion yuan ($989 million) in 15-year bonds to replenish its supplementary capital, two sources told Reuters on Monday.
Shenzhen Development Bank will issue both fixed-rate and floating-rate hybrid bonds, which count towards its Tier II, or supplementary, capital base, one of the sources said.
"It will happen at the earliest next week," the source added.
The lead underwriter for the sale is Haitong Securities, the sources said.
Ping An Insurance, China's No. 2 insurer, owns a 30 percent stake in Shenzhen Development Bank. Ping An last week sold $2.5 billion in additional Hong Kong shares in a private placement to replenish its own capital after buying more of Shenzhen Bank in 2010.
Shenzhen Bank merged with Ping An's banking unit last year.
Comments
Comments are closed for this article.