Shenzhen Development Bank (SDB) raised 6.5 billion yuan (922 million U.S. dollars) after issuing a batch of 10-year subordinate bonds, the bank announced on Monday.

The SDB, China's leading shareholding commercial bank, was approved to issue 7 billion yuan worth of subordinated bonds on the interbank bond market, it announced on March 14.

The bond issuance was doing reasonably well since the financial market was fluctuating, said sole underwriter UBS Securities Co. in a statement.

Of the total, 6 billion yuan has a fixed coupon rate of6.1 percent and 500 million yuan has a floating coupon rate of 1.4 percent over Shibor (Shanghai Interbank Offered Rate).

The bond issuance is SDB's first capital trade and is aimed at boosting capital adequacy ratio.

UBS Securities noted this is the largest bond sale by an Asian bank since May 2007 as the global financial market was in a turmoil.

After the bond sale, the capital adequacy ratio is expected to exceed the banking regulator's minimum requirement of 8 percent by the end of March, said the SDB, in which the U.S. equity firm Newbridge Capital holds a 16.7-percent stake.

The capital adequacy ratio rose to 5.77 percent at the end of 2007 from 3.71 percent a year earlier, the bank said in its annual financial statement last week.