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Guangzhou Rural Commercial Bank to issue RMB 35 bln bonds

Jun. 25, 2012 (China Knowledge) - Guangzhou Rural Commercial Bank announced today that it plans to issue RMB 3.5 billion of fixed-rate subordinate bonds with a maturity of ten years on Jun. 28.

The bank said in a statement that 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 Jun. 29 and interest will be paid annually.

Dagong Global Credit Rating Co Ltd has rated the issuer and bonds AA and AA-, respectively.

China International Capital Corp has been hired as book-runner for the offering. CICC, BOC International and Southwest Securities Co<600369> will be lead underwriters.

In 2011, the bank's net profit was RMB 2.90 billion. At the end of last year, the lender's total assets had reached RMB 273.7 billion.

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