China Minsheng gains approval for subordinated bonds offering

The $849mln bonds issuance is expected to realise 12% capital adequacy.

China Minsheng Banking Corporation obtained approval from The People's Bank of China for its 5.8 billion yuan ($848.63 million) subordinated bonds issue, reports Shanghai Business Daily, citing a company announcement. The bonds will be issued through the inter-bank bond market.

Upon the completion of the bond issuance, the bank is expected to achieve a capital adequacy ratio (CAR) of about 12 percent.

The bank had CAR and core CAR of 10.83 percent and 8.92 percent respectively as of end 2009.

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