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CCB to float RMB 40 bln in subordinate bonds

Jul. 4, 2012 (China Knowledge) - China Construction Bank Corp or CCB<601939><0939>, one of the country's Big Four state-owned banks, plans to issue a total of RMB 40 billion in subordinate bonds, sources reported.

The bonds, which are part of the lender's RMB 80-bln bond issue plan announced last year, will comprise 15-year bonds and ten-year bonds, according to the report.

In November 2011, the bank issued RMB 40 billion of subordinate bonds with a coupon rate of 5.7%.

CITIC Securities Co<600030><6030> has been hired as lead underwriter for the deal. China International Capital Corp and China Securities Co will be joint lead underwriters.

In the first quarter of this year, the bank saw drops in both its capital adequacy ratio and core capital adequacy ratio, which stood at 13.66% and 11.02% at the end of March, down 0.02 and 0.05 percentage points from the end of 2011, respectively.

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