Bank of ningbo has cleared a China Securities Regulatory Commission hearing for a proposed offering of six-year convertible bonds to raise up to RmblObn (US$1.53bn). The Zhejiang-based city-commercial bank is set to become the first Chinese lender in three years to sell CBs in the domestic market, testing a new avenue for bank capital-raising when sluggish stock markets have made share sales almost impossible. BoN will use the proceeds to replenish its Core Tier 1 capital. Citic Securities is the sponsor on the offering, which is still awaiting written approval from the CSRC.
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