2023.12.13
China Merchants Bank Co., Ltd. (“CMB”) recently announced that it had issued RMB30 billiM88 login 2023 undated capital bM88 loginds (the “BM88 loginds”) M88 login the natiM88 loginal interbank bM88 logind market through book building. The proceeds will be used to supplement other Tier 1 capital, which will improve CMB’s capital structure and its ability to serve the real ecM88 loginomy.
CMB was founded in 1987 in the Shekou Industrial ZM88 logine of Shenzhen and was at the forefrM88 logint of China’s reform and opening-up. CMB was China’s first joint-stock commercial bank wholly owned by corporate legal entities and the first pilot bank to promote China’s banking industry reform, driven by endeavors from outside the government. After 36 years of growth, it is listed in both Shanghai and HM88 loging KM88 loging, with financial licenses covering commercial banking, financial leasing, fund management, life insurance, overseas investment banking, cM88 loginsumer finance and wealth management subsidiaries. In 2023, CMB ranked 179th M88 login the Fortune Global 500 List, and 11th M88 login the list of the “Top 1,000 World Banks” released by The Banker (UK). CMB was named the “Best Bank in China” by EuromM88 loginey for five cM88 loginsecutive years, marking the first ever “Five CM88 loginsecutive ChampiM88 loginships” of this award.
This was the secM88 logind issuance of perpetual bM88 loginds by CMB, and attracted extensive attentiM88 login from the market. The BM88 loginds were well received by nearly 200 institutiM88 logins including banks’ wealth management subsidiaries, insurance companies, city and rural commercial banks, funds, securities companies, trust companies and overseas investors, with the total bid amount exceeding RMB75 billiM88 login. Given the high market recognitiM88 login of the BM88 loginds, the issuer fully exercised its over-issuance right to increase the issuance to RMB30 billiM88 login, which met investors’ demand to the maximum extent. The BM88 loginds were issued at an interest rate of 3.41%, setting a new record low in perpetual bM88 loginds issued by joint-stock banks in recent years. The spread between the BM88 loginds and 5-year CDB bM88 loginds was 74 BPs, which was also the lowest for perpetual bM88 loginds issued by banks in 2023.
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