Weihai Bank Issues 2.9 Billion Yuan Bonds for Other Tier-1 Capital Boost

MT Newswires Live

2024/11/22

Weihai City Commercial Bank (HKG:9677) issued 2.9 billion yuan of perpetual bonds in the national interbank bond market.

The coupon rate is 2.90% for the first five years, according to a Friday filing with the Hong Kong Exchange.

The lender has a right to redeem the debt securities on every interest payment date from the fifth year onwards.

Proceeds will be used to beef up the bank's other tier-one capital.

The bank's shares closed nearly 2% higher on Friday.

Price (HKD): $2.85, Change: $+0.050, Percent Change: +1.79%

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