Banking

China Citic hires two firms for 16.5b yuan bonds

(Agencies)
Updated: 2010-05-20 15:03

China Citic Bank Corp hired China International Capital Corp and China Securities Co to help it sell 16.5 billion yuan ($2.42 billion) of subordinated bonds, according to a person with direct knowledge of the matter.

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China Citic, based in Beijing, plans to sell 10- and 15- year fixed-rate notes that it has options to redeem five years early, said the person, asking not to be identified before a public announcement scheduled for next week.

The bank on December 30 said its board approved a plan to sell as much as 25 billion yuan of subordinated or hybrid bonds to strengthen its Tier-2 capital.