Sunday, June 17, 2007

Shenzhen Development Bank Sells Bonds to Raise $2 Billion to Boost Capital

(Bloomberg) -- Shenzhen Development Bank Co.,
controlled by buyout firm TPG Inc., will raise as much as 16
billion yuan ($2.1 billion) selling debt to replenish capital
that has dropped below a government-mandated minimum.

The bank will sell 8 billion yuan of subordinated bonds with
maturity of between five and 15 years and another 8 billion yuan
of hybrid bonds with maturity of at least 15 years, the Shenzhen-
based bank said in a statement to the city's exchange on Saturday.
The debt will be sold within 18 months upon shareholder approval.


Read more at Bloomberg Emerging Markets News

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