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一创摩根2012年北京农村商业银行股份有限公司次级债券发行顺利完成

2012年北京农村商业银行股份有限公司次级债券已于2012年12月24日公告发行，27日完成簿记定价，并于28日完成发行。本期债券发行规模为51亿元，为5+5年期固定利率品种（10年期，在第5年末附有前提条件的发行人赎回权），票面利率为5.60%，发行人主体信用级别为AA+，债项评级为AA。一创摩根与中金公司共同担任本期债券发行的联席主承销商。

这是一创摩根完成的首支公开发行的农村商业银行次级债券项目。在即将进入2013年、新资本管理办法关于次级债券的规定即将生效之际，本期债券以较快的速度获得了银监会与人民银行的发行批文并顺利在年底前完成发行，成为最后一批商业银行旧式次级债券。作为规模最大的农村商业银行，北京农村商业银行本期债券的成功发行，也将为后续农村商业银行的债券融资起到较强的示范作用。

RMB 5.1 billion Subordinated Bond offering for Beijing Rural Commercial Bank Co., Ltd. was launched on 24th Dec. 2012, priced on 27th Dec. and successfully completed on 28th Dec. 2012. The offering yield is 5.60% (AA+/AA-rated, 10-year tenor with the issuer’s redemption right if approved by the regulatory authorities at the end of 5th year). JPMFC acted as a Joint Lead Manager with CICC.

This is JPMFC’s first subordinated bond deal that was publicly issued by a rural commercial bank. Though 2013 is approaching and the new regulation on banks’ capital base and subordinated bonds is to be implemented, BRCB’s subordinated bond was able to get approvals from CBRC and PBoC within a relatively short period of time and was issued successfully before the end of 2012 as one of the last batch of the old-fashioned subordinated bonds. Moreover, as BRCB is the largest one in scale, the offering will set a good example for other rural commercial banks in terms of bond financing in the future.