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Harbin Bank to issue RMB 2.5 bln bonds

May. 11, 2012 (China Knowledge) - Harbin Bank, a city commercial bank based in Harbin, capital of Heilongjiang Province, has announced plans to issue RMB 2.5 billion bonds with a maturity of five years on the interbank market on May 15.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 16, and the to-be-issued bills tradable May 17.

Proceeds from the issue will be used to replenish working capital and to provide loans to medium and small-sized enterprises, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bonds AA and AA, respectively.

Credit Suisse Founder Securities Ltd has been assigned as the lead underwriter and bookrunner.

In 2011, the lender earned RMB 5.38 billion in net interest income, more than RMB 3.19 billion it realized in 2010, and the firm's net profit attributable to shareholders for last year increased to RMB 1.72 billion.

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