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China Everbright Bank to issue RMB 6.7 bln subordinate bonds

Jun. 5, 2012 (China Knowledge) - China Everbright Bank Co Ltd<601818>, the banking unit of state-owned China Everbright Group, has announced plans to issue RMB 6.7 billion worth of subordinate bonds with a maturity of 15 years on the interbank market starting Jun. 7 to the Jun. 8.

The issuer has option to redeem the bonds on the 10th year.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on Jun. 8.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bonds AAA and AA+, respectively.

China International Capital Corp (CICC), the largest investment bank in the country, has been assigned as the lead underwriter and bookrunner. Everbright Securities Co<601788> will be the joint lead underwriter.

This will be the issuer's first subordinate bond this year.

As of Dec. 31, 2011, the issuer had RMB 1.73 trillion in total assets, 16.81% more than the end of 2010. The lender's non-performing loan ratio was 0.64% at the end of last year, 0.11 percentage point lower than that at the end of 2010.






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