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.

View the full report in Capital Vue.

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