Bank CDs oversubscribed

PUBLISHED : Saturday, 23 October, 1993, 12:00am
UPDATED : Saturday, 23 October, 1993, 12:00am

THE Hong Kong Chinese Bank's floating-rate certificates of deposit were 30 per cent oversubscribed, lifting the amount raised from US$40 million to US$52 million.

This is the first issue since China Resources increased its direct shareholding in the bank to 50 per cent in July.

The dual tranche issue consists of one tranche maturing in four years, with put or call options at the end of years two and three. Another tranche matures in 364 days, but is renewable once at the holder's option.