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More Chinese commercial banks plan to issue renewable debt to replenish capital. China's national commercial bank, Citic Bank (601998.SS) (0998.HK), announced late Tuesday that it intends to issue no more than 40 billion yuan or equivalent foreign currency fixed-term capital bonds (perpetual bonds) in domestic and foreign markets to supplement its other primary capital.
At the same time, CITIC Bank issued its annual report of last year. In 2018, it realized net profit of 44.513 billion yuan, an increase of 4.57% over the previous year, and realized earnings per share of 0.88 yuan.
Bank of China (601988.SS) (3988.HK) issued the commercial bank's sustainable debt at the end of January. The book-keeping rate was 4.50% and the whole subscription multiple was more than twice. The amount is 40 billion yuan, which can increase the first-class capital adequacy rate of the Bank of China by about 0.3 percentage points.
On the eve of the issuance of BOC's sustainable bonds, the Central Bank of China announced the creation of the Central Bank Bill Swap System (CBS). First-level traders in open market business can use the sustainable bonds issued by qualified banks to exchange from the central bank to the central bank's notes, so as to improve the liquidity of the bank's sustainable bonds and support the bank to issue the supplementary capital of the sustainable bonds. The CBRC has also liberalized restrictions to allow insurance institutions to invest in eligible bank secondary capital bonds and fixed-term capital bonds.
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