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Everbright Bank to issue 5b yuan of subordinated bonds

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-09 16:25

China Everbright Bank yesterday announced it would issue 5 billion yuan ($732 million) of 10-year subordinated bonds from Dec 15. With overallotment option, the total amount of bonds can reach 8 billion yuan.

In April and June this year, the bank distributed subordinated bonds of 6 billion yuan and 2 billion yuan respectively. After the third round of distribution, the bank's subordinated bonds will reach 13 billion yuan this year.

According to the announcement, the raised capital will be used to replenish the bank's capital to enhance its ability to resist risks and support sustainable development.

With a $20 billon investment from Central Huijin Investment Co last year, the bank's capital adequacy ratio (CAR) reached 7.11 percent in 2007. After issuing 8 billion yuan in subordinated bonds in the first half of 2008, the bank's CAR was raised to 9.01 percent as of the end of June. Industry experts estimate that the bank's CAR will exceed 10 percent after issuing 5 billion yuan of subordinated bonds.

According to China Lianhe Credit Rating Co, the credit rating of the issuer is AAA and the bonds issued in the third term are rated AA+.

In addition, the bank is preparing for going public to further improve its core capital level.