Bank of China launched a Rmb40bn ($5.9bn) convertible bond sale yesterday amid official concern that a flood of fundraising by the country's largest banks could hinder next month's high-profile initial public offering by Agricultural Bank of China.
Agricultural Bank is planning to raise as much as $30bn in mid-July in a Hong Kong and Shanghai IPO that would be the world's largest, but falling stock markets and huge capital raising plans at other banks are casting a shadow over the long-delayed listing.
China's largest banks have announced plans in recent months to raise tens of billions of dollars to meet stricter regulatory requirements and replenish capital after a record lending spree last year.
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