hang seng issues US$450m subordinated bond Hang Seng Bank issued a US$450 million subordinated bond priced at 99.869 per cent with the coupon of the floating-rate note 30 basis points above the three-month London interbank rate. The bank also applied to list the notes in Hong Kong. Vice-chairman and chief executive Raymond Or Ching-fai said: 'We will utilise the funding to strengthen the bank's capital base and support business growth in both Hong Kong and mainland China.' brilliance china on track for 120,000-unit sales goal Hong Kong-listed carmaker Brilliance China said it sold 45,000 units in the first five months of the year, up 55 per cent year on year. The group is confident of reaching a sales target of 120,000 units this year. It had total sales of 70,000 units last year, it said after its annual general meeting yesterday. It says it needs to raise more funds in the long term and it is searching for a strategic partner but gave no further details.