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Bank of Jiangsu to issue 20B yuan of convertible bonds

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Bank of Jiangsu to issue 20B yuan of convertible bonds

Bank of Jiangsu Co. Ltd. plans to raise 20 billion yuan by issuing bonds that are convertible into A shares.

The six-year notes can be converted into Shanghai-listed shares six months after issuance, according to a March 12 release. The bonds carry a coupon rate that ranges between 0.2% and 4.0%.

The lender plans to publish issuance results March 20 and apply to list the bonds on the Shanghai stock exchange once the offering is completed.

Proceeds from the exercise will be used to supply the bank's core Tier 1 capital and support the development of its future business.

As of March 12, US$1 was equivalent to 6.71 Chinese yuan.