By Wendy Van Sickle
Columbus, Ohio, June 11 – Luzhou Bank Co., Ltd. issued RMB 700 million of 5.3% capital bonds without a fixed term at par on Thursday, according to a notice of listing on the Stock Exchange of Hong Kong Ltd.
The coupon will reset every five years.
The issuer will have conditional redemption rights on every distribution payment date from and including the fifth distribution payment date.
The books were built on Tuesday.
Proceeds will be used to replenish the bank’s additional tier 1 capital.
The bank received approval on Dec. 31 from both the China Banking and Insurance Regulatory Commission Sichuan Office and the People’s Bank of China to issue up to RMB 1.7 billion of capital bonds. The 5.3% bonds represent the second tranche. The company issued RMB 1 billion of 5.8% bonds in March in the first tranche.
The banking services provider is based in Luzhou, China.
| Issuer: | Luzhou Bank Co., Ltd.
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| Issue: | Capital bonds without a fixed term, second tranche
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| Amount: | RMB 700 million
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| Coupon: | 5.3% initial rate, resettable every five years
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| Price: | Par
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| Call option: | Callable on every distribution payment date from and including the fifth distribution payment date
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| Pricing date: | June 9
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| Settlement date: | June 11
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