China Minsheng Bank releases $1.52bn subordinated bonds

$914.28mn of the bonds to mature in 10 years while $609.52mn in 15 years.

China Minsheng Banking Corporation issued 10 billion yuan ($1.52 billion) worth of subordinated bonds on the interbank bond market on March 18, reports 163.com, citing a bank filing.

Six billion yuan ($914.28 million) worth of the bonds issued will mature in 10 years. The fixed coupon rate of these bonds is 5.5 percent. The bank has the option to redeem the bonds at the end of the fifth year.

Four billion yuan ($609.52 million) worth of the bonds issued will mature in 15 years. These bonds have a fixed coupon rate of 5.7 percent. The bank has the option to redeem the bonds at the end of the 10th year, according to a report in Capital Vue.

All the funds raised will be used to boost the bank’s supplementary capital.