Feb. 9, 2012 (China Knowledge) - China Merchants Bank<600036
>, the nation's fifth-largest bank by market value, has received approvals from China Banking Regulatory Commission
and People's Bank of China
to issue RMB 20 billion worth of bonds on the interbank market for small business loans.
The bonds, which consist of two tranches of fixed-rate and floated-rate bonds each with a maturity of five years, will be issued in late February or early March, said persons familiar with the matter.
China International Capital Corp Ltd and CITIC Securities Co<600030
> have been assigned as the lead underwriters. The issuer and bonds were rated AAA and AAA, respectively.
Other Chinese commercial banks, including Shanghai
Pudong Development Bank<600000
Development Bank Co Ltd<00001
> and China Everbright Bank Co Ltd<601818>, also have intention to issue bonds each with a fundraising between RMB 30 billion and RMB 50 billion, in a bid to support the development of Chinese micro-enterprises.