Nov. 12, 2009 (China Knowledge) - Bank of Tianjin Co Ltd announced that it will issue up to RMB 1.5 billion in subordinated bonds from Nov. 18 to Nov. 20, sources reported.

The ten-year bonds will have a fixed coupon rate during the first five years. The proceeds of the bonds will be used to replenish the lender's working capital and optimize its capital structure.

Dagong Global Credit Rating Co Ltd has rated the issuer and the bonds AA and AA-.

BOC International (China) Ltd has been hired as the major underwriter of the sale.

As of the end of 2008, the mainland bank's capital adequacy ratio was 12.38% and core capital adequacy ratio was 11.24%. After the issuance, the bank's capital adequacy ratio is expected to rise to 14.95%.