Minsheng Bank to issue hybrid bonds

China Minsheng Banking Corp, the nation's first private bank, plans to raise US$550 million by selling a form of upper tier-II bonds to improve its capital adequacy ratio and meet regulatory requirements, the South China Morning Post reported. It will launch the 15-year hybrid capital bond, which will combine fixed and floating rates, to institutional investors in the interbank bond market on December 26. Details on allocation and interest will be fixed on the launch day, according to a sales document issued by the lender. Minsheng is the second lender to issue hybrid capital bonds in China after Fujian-based Industrial Bank raised four billion yuan in September.