Banking News
- Bank of Communications sells bonds to sustain loans
Date: 8-Mar-2007 Sources: (Xinhua Online)
Bank of Communications Ltd, China's sixth-largest, said it finished selling 25 billion yuan (3.2 billion U.S. dollars) worth of bonds, boosting capital to sustain loan growth.
The 10-year, subordinated bonds will yield 3.73 percent to 6.73 percent and the 15-year debt will return 4.13 percent to 7.13 percent, the Shanghai-based lender said in a statement on the Chinabond Website yesterday.
The site is run by the China Government Securities Depository Trust and Clearing Co. Bank of Communications, 19.9 percent owned by HSBC Holdings Plc, joins bigger rivals Industrial & Commercial Bank of China Ltd and Bank of China Ltd in tapping domestic markets to raise capital as demand for financial services soars in the world's fastest-growing major economy.
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