CCB plans $2.9b sub bond issue

China Construction Bank Corp (CCB), the country's second largest lender, plans to sell 20 billion yuan ($2.9 billion) of subordinated bonds by year-end to replenish capital, according to a person familiar with the matter.

The Beijing-based bank hasn't decided on the final date for a sale, said the person, declining to be identified because he's not authorized to speak to the media about it.

"The bond sale will enable CCB to delay the need for equity financing until the end of next year," said Chen Shuixiang, a Shenzhen-based analyst at China Jianyin Investment Securities Co with a "strong buy" rating on the bank's shares.