2015 Shanxi Securities Co. Ltd subordinated bond issuance (2nd  tranche) was accomplished successfully on 19 March 2015. ZhongDe Securities was engaged as the sole lead manager in this deal. The deal is CNY 700 million with tenor of 4 years (the issuer has redemption option at the end of second year) and annual coupon rate of 5.79%.

To broaden the financing channel and further increase the net capital, Shanxi Securities have issued two tranches sub-debt. With the effective communication with regulatory authority and efficient cooperation with Shanxi Securities, the project team completed CNY 2 billion sub-debts offering within 3 months. ZhongDe Securities arranged the second tranche issuance in Mid-March after PBOC cut the interest rates, and the second offering was finally priced lower compared with the first tranche, thus lowering the total financial cost of Shanxi Securities.