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Bank of Lanzhou to issue RMB 3 bln in bonds

May. 17, 2012 (China Knowledge) - Bank of Lanzhou announced today that it plans to issue two tranches of financial bonds worth a total of RMB 3 billion on May. 22.

The bank said that it would issue RMB 1.5 billion in three-year bonds and RMB 1.5 billion in five-year bonds.

The bonds will be issued at face value and coupon rate will be determined in the process of book-building.

Both value date and payment due date is May 24. Interest will be paid annually.

China Lianhe Credit Rating Co Ltd has rated the bonds AA. CITIC Securities Co<600030><6030> has been hired as lead underwriter for the offering.

Proceeds from the deal will be used for loans to small and micro enterprises.

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