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China Huarong Asset Management completes issuance of 10B yuan Tier 2 bonds

China Huarong Asset Management Co. Ltd. completed its issuance of 10 billion yuan worth of Tier 2 capital bonds in China's national interbank bond market on Dec. 25.

The 10-year fixed-rate bond carries an annual coupon rate of 5%.

The conditional early redemption option can be exercised on the last day of the fifth year, at par value in whole or in part, upon the approval of the China Banking and Insurance Regulatory Commission.

The company said Dec. 16 it would issue the bonds to replenish capital.

As of Dec. 26, US$1 was equivalent to 6.89 Chinese yuan.