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China Construction Bank issues 40b yuan bonds
(Agencies)
Updated: 2009-02-25 18:58 China Construction Bank (CCB), the country's second largest bank by assets, said on Wednesday that it had issued 40 billion yuan ($5.89 billion) of subordinated bonds to boost its capital adequacy ratio.
The issue comprises a 12 billion yuan 10-year tranche with a five-year call option that pays a coupon of 3.2 percent in the initial five years, and a 28 billion yuan 15-year tranche with a 10-year call option that pays a coupon of 4 percent for the initial 10 years. If the bank does not exercise the call options, the coupons will step up by 300 basis points. The lead manager was China International Capital Corp. Lianhe Ratings has rated the issuer and bonds AAA. (For more biz stories, please visit Industries)
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