Bank of Chongqing Co. Ltd. raised about US$750 million via an offering of perpetual offshore preference shares.
The bank said that the preference shares were priced at par with an initial dividend rate of 5.40% per year. They will be issued Dec. 20.
The net proceeds from the issuance will be used to replenish its Additional Tier 1 capital, increase its Tier 1 capital adequacy ratio and optimize its capital structure.
The lender will apply to the Stock Exchange of Hong Kong to list the offshore preference shares.
Morgan Stanley, China Merchants Securities (HK), BOC International, China Silk Road International and Southwest Securities International are joint global coordinators, joint book runners and joint lead managers for the issuance.
ABC International, China Industrial Securities International, DBS Bank, Donghai International, Huarong Financial, Mitsubishi UFJ Financial Group and SPDB International are also joint book runners and joint lead managers.
