Cinda to issue $3.2b of offshore shares

China Cinda Asset Management Co said over the weekend it would issue $3.2 billion of non-cumulative perpetual offshore preferred shares to replenish its additional tier-1 capital. The shares will have a dividend rate of 4.45 percent. Huarong International Financial Holdings said in a separate statement it had been allocated $50 million of the preferred shares, while Cathay Financial Holding Co said it would acquire up to $300 million.