By William Gullotti
Buffalo, N.Y., April 28 – China’s Chongqing Rural Commercial Bank Co., Ltd. said it completed the issuance of RMB 4 billion of 3.9% perpetual capital bonds, according to an announcement on Thursday.
The initial rate will be adjusted after five years and then at five-year intervals thereafter.
The bonds will also become callable after five years.
According to the notice, the bank was originally approved to issue up to RMB 8 billion of bonds.
Proceeds will be used to replenish the bank’s tier 1 working capital.
The bank is based in Chongqing, China.
| Issuer: | Chongqing Rural Commercial Bank Co., Ltd.
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| Amount: | RMB 4 billion
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| Issue: | Capital bonds
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| Maturity: | Perpetual
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| Coupon: | 3.9% initially, resets after five years and then at five-year intervals thereafter
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| Call features: | Callable after five years, and then on each dividend payment date thereafter
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| Pricing date: | April 26
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| Settlement date: | April 28
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