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China Merchants Bank plans $21b financial bonds

(Agencies)
Updated: 2009-04-22 12:36

China Merchants Bank, the country's sixth-largest lender, plans to issue financial bonds in the next three years, it said on Wednesday, at an amount up to about 146 billion yuan ($21.37 billion) based on Reuters calculations.

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The outstanding amount of the financial bonds Merchants Bank plans to issue will be no more than 10 percent of its liabilities at the end of the previous year, the lender said in a statement published in official Shanghai Securities News.

The lender is scheduled to published its 2008 annual earnings results on Saturday. Its third-quarter results report showed its liabilities stood at 1.46 trillion yuan by the end of the quarter, and calculating on that base, it could issue up to around 146 billion yuan in the bonds.

The plan would be submitted to shareholders for approval, Merchants Bank said.