Bank of Shanghai plans issuing $768mn subordinated bonds

Bank of Shanghai Co. said Tuesday it plans to sell up to CNY5 billion ($768 million) worth of subordinated bonds on the interbank market between May 20 and May 24 to supplement its capital.

The lender, in which HSBC Holdings PLC (HBC) holds an 8% stake, will sell the bonds in two tranches: up to CNY2.5 billion ($384.41 million) worth of 10-year paper and up to CNY2.5 billion worth of 15-year paper, it said in a statement.

China International Capital Corp. is the main underwriter of the deal, the bank said in a Wall Street Journal report.