SPD Bank Gets Approval To Raise 30B Yuan


Shanghai Pudong Development Bank (600000) plans to issue up to 30 billion yuan of five-year bonds, and the  proceeds raised will be used to provide loans for small enterprises, reports China Securities Journal, citing a company filing. The value date of the bonds is February 28.

China International Capital Corporation and Haitong Securities (600837) are the joint underwriters of the bond issuance.

China Lianhe Credit Rating gave AAA credit ratings for both Shanghai Pudong Development Bank and the five-year bonds.

In November, 2011, China Minsheng Banking Corporation (600016), Shanghai Pudong Development Bank, and Industrial Bank (601166) obtained approval to respectively issue 50 billion yuan, 30 billion yuan, and 30 billion yuan of bonds to extend loans to small and micro companies.

Industrial Bank issued the five-year bonds in December 2011 at a coupon rate of 4.2 percent.

Minsheng Bank issued the five-year bonds earlier this month at a coupon rate of 4.3 percent.

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