China allows small banks to issue perpetual bonds with equity conversion feature to replenish capital

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China has allowed small- and mid-sized banks to issue a new type of perpetual bonds, as part of efforts to help smaller banks replenish capital and keep risks under control.

The People’s Bank of China (PBOC) and the country’s banking regulator have approved the issuance of perpetual bonds with an equity-conversion feature by two local banks — Zhejiang Chouzhou Commercial Bank Co. Ltd. and Ningbo Commerce Bank Co. Ltd. — the PBOC said in a statement.

On Wednesday, Ningbo Commerce Bank issued such a perpetual bond worth 500 million yuan ($77.2 million . . .

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