Bank of China to issue 40 bln yuan convertible bond

14:32, May 28, 2010      

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Bank of China's president Li Lihui said yesterday that the bank aims to issue a 40 billion yuan A-share convertible bond by mid-June and hopes to accomplish H-share financing by the end of the year.

Li said the bank will publicize the specific issuing time of the 40 billion yuan A-share convertible bond to the market as soon as possible.

The bank’s refinancing program has been approved by the China Securities Regulatory Commission on May 25 and it is currently the largest convertible bond issuance and refinancing program in China’s capital market.

China has applied a moderately easy monetary policy this year. Li said the bank will control the growth rate of incremental credit below 17 percent, which, from his point of view, will bring more profit with a sustainable increase.

Li said risks of real estate and local financing loans, which are the greatest causes for concern in the market, are controllable.

Li said the bank’s real estate loans are free from market influence even if the housing price were to fall 30 percent with 108 basis points growth of prime interest rate. Currently, the bank’s corporate real estate loans and personal housing mortgage loans have exceeded 1 trillion yuan.

By People's Daily Online

(Editor:祁澍文)

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