Strong demand meant that CCB sold two tenors of bonds with yields at the lower end of the indicated range: Rmb12bn of 10-year bonds that would be callable at the end of five years, at a coupon of 3.2 per cent; and Rmb28bn of 15-year bonds, callable at the end of 10 years, at a 4 per cent coupon.
CCB said it would use the cash to reinforce its capital base. Last month, it announced that it planned to sell Rmb80bn of subordinated bonds by the end of 2010.
Beijing wants domestic banks to help finance its Rmb4,000bn stimulus package by lending more money.
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