Chicago, Oct. 31 – Huishang Bank Corp., Ltd. completed the issuance of RMB 10 billion of undated capital bonds, according to a notice.
The company priced the 3.8% bonds on Oct. 26.
The initial coupon rate will reset every five years.
The bonds will be callable starting after five years and then on every interest payment date going forward.
Proceeds will be used to replenish the bank’s additional tier 1 capital.
The bank was approved to issue up to RMB 20 billion of bonds within 36 months of April 12, 2023.
The issuer is a Hefei, China-based bank.
Issuer: | Huishang Bank Corp., Ltd.
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Amount: | RMB 10 billion
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Issue: | Undated capital bonds
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Maturity: | Perpetual
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Coupon: | 3.8%
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Price: | Par
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Yield: | 3.8%
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Call features: | After five years and then interest payment date thereafter
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Trade date: | Oct. 26
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Distribution: | China national interbank bond market
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