BEIJING/SINGAPORE, March 1 (Reuters) - Mid-sized lender China Minsheng Banking Corp Ltd is set to launch an up to $3.2 billion convertible bond as soon as March 15, IFR reported on Friday, citing sources with direct knowledge of the plans.
The six-year convertible bonds, worth up to 20 billion yuan ($3.2 billion), will be used to replenish the bank’s capital base, said IFR, a Thomson Reuters publication.
The company received regulatory approval for the deal, which is being underwritten by Haitong Securities and UBS, earlier in February.
($1 = 6.2213 Chinese yuan)
Reporting by Ken Wan in Beijing and Daniel Stanton in Singapore; Writing by Elzio Barreto; Editing by Matt Driskill