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China Construction Bank to issue RMB 30 bln subordinated bonds

Published: 18 Feb 2009 17:50:23 PST

Feb. 18, 2009 (China Knowledge) - China Construction Bank Corp (CCB)<601939><939>, one of the country's Big Four state-owned commercial banks, plans to issue RMB 30 billion subordinated bonds on the interbank market between Feb. 24 and Mar. 2.

CCB said in a statement that the proceeds from the bond issuance will be used to replenish working capital and it has the option to increase the issuance by up to RMB 10 billion if there is sufficient demand.

The planned bond sale is in addition to the RMB 80 billion worth of subordinated bonds the bank planned to issue to boost its capital adequacy ratio.

China Lianhe Credit Rating Co rated the issuer and the bonds AAA and AAA, respectively.

China International Capital Corporation Ltd has been assigned as major underwriter for the issuance.

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