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CCB to issue 40b yuan subordinated bonds

By Lillian Liu (chinadaily.com.cn)
Updated: 2009-02-03 15:47

皇冠体育app Construction Bank (CCB), the country's largest property lender, said on Tuesday it has obtained the approval from the banking regulators to issue up to 40 billion yuan ($5.86 billion) in subordinated bonds to improve its capital adequacy ratio.

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It said in a statement that the 皇冠体育app Banking Regulatory Commission and the People's Bank of 皇冠体育app have approved the proposed bond issue, endorsed by shareholders last June.

"The bonds should be appeal to investors given the current deposit interest rate level," said Tony Tong, a banking analyst at 皇冠体育app Everbright Research Ltd.

CCB said last month that a bond issue would help raise its capital adequacy ratio and replenish supplementary capital of the bank.