August 19, 2014 / 9:50 AM / 3 years ago

China Citic Bank to raise $6 bln in T2 bonds in biggest 2014 issue by Chinese lender

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SHANGHAI, August 19 (Reuters) - China Citic Bank Corp Ltd plans to raise 37 billion yuan ($6 billion) of Tier 2 capital in a bond offering, in the largest issue by a Chinese bank this year.

Citic plans to issue the bonds on Aug. 22, according to a filing posted on Tuesday on the industry website www.chinabond.com.cn.

China's top banks have been on a bond offering spree over the last two weeks after a year-long hiatus, as regulators become comfortable with lenders aggressively tapping fixed-income markets.

This year, the Agricultural Bank of China and the Bank of China have both issued what will become the second-largest number of Tier 2 bonds, with each offering 30 billion yuan, according to www.chinabond.com.cn.

Citic's first-quarter net profit grew 16.1 percent year-on-year to 10.7 billion yuan.

Reporting by Engen Tham and Shanghai newsroom; Editing by Kenneth Maxwell

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