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Bank of Ningxia raises 1.5B yuan in subordinated bonds

Bank of Ningxia Co. Ltd. raised 1.5 billion yuan in second-tier capital bonds, the lender said in a Dec. 15 release.

The 10-year subordinated bonds carry a coupon of 5.0%. Proceeds from the exercise will be used to boost the bank's secondary capital, it added.

This is the first tranche of a proposed 2.5 billion yuan issuance, which has been approved by China's central bank.

As of Dec. 15, US$1 was equivalent to 6.61 yuan.