Jilin jiutai Rural Commercial Bank Corp. Ltd. plans to issue up to 1.3 billion Chinese yuan of Tier 2 capital bonds.
The bank said March 27 that the bonds will have a maturity of no less than five years. The interest rate will be determined through a public bidding procedure.
Proceeds from the issuance will be used to replenish the bank's Tier 2 capital.
The issuance is subject to approval from stockholders at the shareholders' general meeting.
As of March 28, US$1 was equivalent to 6.89 Chinese yuan.