To uplift its capital adequacy ratio and enhance operative capabilities, China Development Bank issued RMB12bln worth of 2014 CDB Tier 2 Capital Bonds at the interbank bond market by means of tendering, with approval from People’s Bank of China and China Banking Regulatory Commission. The ten-year-term unguaranteed bonds would be repaid following payment to depositors and general creditors and before shareholders and other Tier 1 capital instruments and hybrid securities holders. 

CITIC Securities, Morgan Standley Huaxin Securities, and Orient Securities acted as lead underwriter for the bonds, Deloitte China as auditor and Dacheng as legal advisor for the issuer. The team was composed of senior partner Guo Qing, associate Sun Qiming and paralegal Wang Yunsong.