China’s Bank of Qingdao plans tier 2 bonds, offshore preference shares

By Marisa Wong

Morgantown, W.Va., Jan. 23 – Bank of Qingdao Co., Ltd. is proposing to issue up to RMB 6.5 billion of tier 2 capital bonds and up to RMB 8 billion of offshore preference shares, according to a company announcement.

The bonds will have maturities of up to 15 years.

Proceeds from the bonds will be used to replenish tier 2 capital, optimize the bank’s capital structure and support the development of its businesses. Proceeds from the preference shares will be used to replenish the bank’s tier 1 capital.

The proposed issuances are subject to shareholders’ approval.

The bank is based in Qingdao, China.

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