China's commercial banks are gearing up to issue more perpetual bonds in an attempt to recapitalise the institutions ahead of an anticipated slowdown of the country's economy, the deputy governor of the People’s Bank of China said.
Perpetual bonds, unlike conventional debt securities, do not have maturity dates. They pay a steady stream of interest payments in perpetuity but provide no means of control over the issuer.
In January, Bank of China, China’s fourth-largest lender, was the country’s first bank to issue a perpetual bond, raising Rmb40bn ($5.9bn) at a yield of 4.5 percent.
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