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Shengjing Bank issues 6B yuan of Tier 2 bonds

Shengjing Bank Co. Ltd. raised 6 billion Chinese yuan via an issuance of Tier 2 bonds.

The bank said Dec. 19 that the 10-year bonds bear an annual coupon of 4.90% and have a conditional issuer's redemption right at the end of the fifth year. The bonds were issued Dec. 18 on the inter-bank bond market in China after regulatory approvals.

The bank will use the proceeds to replenish its Tier 2 capital.

As of Dec. 19, US$1 was equivalent to 6.60 Chinese yuan.