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ICBC sells bonds for IPO
www.chinanews.cn 2005-08-20 17:17:06
(Source: China Daily)
Industrial and Commercial Bank of China (ICBC), the nation's biggest
lender, sold 35 billion yuan (4.3 billion USD) of bonds on Friday,
boosting capital in preparation for its initial share sale.
Aug. 20 - Industrial and Commercial Bank of China (ICBC), the nation's
biggest lender, sold 35 billion yuan (4.3 billion USD) of bonds on
Friday, boosting capital in preparation for its initial share sale.
The bank sold 13 billion yuan (1.6 billion USD) of 10-year fixed-rate
bonds on China's interbank market, and 13 billion yuan of 15-year
fixed-rate bonds, said Liu Qian, an official overseeing the sale for
arranger Agricultural Bank of China. It also sold 9 billion yuan (1.1
billion USD) of 10-year floating-rate bonds.
The sale of subordinated debt will further raise the lender's capital
adequacy, a key measure of a bank's financial strength expressed as a
ratio of capital to risk-weighted assets. ICBC lags behind Bank of China
and China Construction Bank, the nation's second and third-biggest
lenders, in a race to reorganize and sell shares.
Royal Bank of Scotland Group Plc, Merrill Lynch & Co and the Li Ka-shing
Foundation said on Thursday they will pay 3.1 billion US dollars for 10
per cent of Bank of China. Bank of America Corp, the No 2 US lender,
agreed in June to pay 3 billion US dollars for 9 per cent of China
Construction Bank.
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