2010 on January 23, the bank of China issued announcement by the board of directors, including three and capital supplement relevant major resolution.
The board of directors has formulated boc 2010 ~ 2012 capital management and planning, goal is to remain in capital adequacy 11.5 per cent above. For issuing new shares general authorization bill approved by shareholders, awarded the board, with unconditional general authorized, issuing shares or h-shares. In addition, the board of directors has approved the public issuance of total amount shall not exceed RMB 400 million yuan A share of convertible company bonds.
On March 19, the bank of shareholders' reviewing and approving the convertible bonds issuing bills.
400 million! The listed company never have been involved in such a large-scale convertible bonds, first try water boc extra-sharp out such a large scale, which was the convertible bond market of the total amount of nearly four times. Market can withstand such big impact, is not only the investors paid close attention to the problem, but also boc worried about.
"Bank of China the hardest walk step is convertible bonds. If this step smashed, behind of is all have no." manager WuJianGuang memories later said.
WuJianGuang said, the board of directors can eventually by issuing convertible bonds, because the way the convertible bond is the smallest, impact on capital market will not increase current a-share market share amount. And, the investment of convertible bonds are generally long-term investment funds, also later proof buy convertible bonds are mainly the insurance money. In addition, the largest shareholder and the current earnings per diluted effect is much smaller, future is a gradual diluted process, also satisfy the priority to supplement the core capital regulatory requirements.
However, when the capital market is not optimistic. 2009, the capital market fresh out of a little bull market reaction and concerns in stimulating policies, the end of exit the market turn down. Early 2010, a-share market had 3000, cause round oscillation pattern.
In such a market background, 400 million yuan convertible bonds can all sold a problem. But this time, relevant regulations and restrictions are a lot of potential buyers to purchase boc convertible bonds.
Convertible bonds of potential investors more for fund institution and insurance companies, but according to the relevant provisions of the securities regulator, custody in central fund can't convertible bonds investment bank. Insurance regulator of a regulation will also invest population dramatically narrow - insurance institutions can invest JinRongZhai, but cannot investment unsecured bond, and the bank's convertible bonds belong to unsecured financial bonds, insurance company can invest such bonds, remains to be regulators further clear.
No comments:
Post a Comment