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China Minsheng Banking to issue perpetual bonds, preferred shares

China Minsheng Banking Corp. Ltd. plans to issue up to 40 billion yuan of perpetual bonds and 20 billion yuan of preferred shares to boost its Tier 1 capital, among other things.

The non-fixed-term bonds are set to be issued over the next three years in both domestic and overseas markets, according to a Jan. 11 release.

The preferred shares will be distributed overseas to no more than 200 qualified investors.

Through the issuances, the lender aims to improve its capital adequacy ratio and business sustainability.

Both issuances are subject to shareholder and regulatory approvals.

As of Jan. 11, US$1 was equivalent to 6.76 Chinese yuan.