Industrial Bank to issue US$2.3bn in bonds
12 December 2006
Industrial Bank, the lender based in Fujian province, will offer up to US$2.3 billion of financial bonds this week to expand its lending capacity ahead of a US$1.3 billion IPO in Shanghai next year, the South China Morning Post reported. The bank said there would be US$650 million in five-year bonds and US$1.3 billion in 10-year bonds released to the interbank market on Friday. This total could rise by a further US$380 million. China Lianhe Credit Rating has assigned its highest AAA rating to the bonds. In October last year, Industrial Bank attracted US$1.8 billion in subscriptions for US$1.3 billion of three-year bonds. It was granted a US$4.5 billion quota by the banking regulator. Fund management companies, insurers and brokerages all invest in the interbank bond market.
