Chinese online lender MYbank becomes the first private bank to issue perpetual bonds

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Chinese online lender MYbank, backed by Alibaba Group, became the first private bank to receive regulatory approval to replenish capital through sales of perpetual bonds, part of the regulators' efforts to help ease smaller banks’ funding strains.

Officially known as Zhejiang E-Commerce Bank Co. Ltd., MYbank won approval to sell as much as 5 billion yuan of perpetual bonds to replenish its core Tier 1 capital, according to a statement released by the China Banking and Insurance Regulatory Commission (CBIRC).

Perpetual bonds are a type of debt instrument with no fixed repayment date. Issuers . . .

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