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Guangzhou Rural Commercial Bank raises 10B yuan via debt issue

Guangzhou Rural Commercial Bank Co. Ltd. raised 10 billion yuan through the issuance of Tier 2 capital bonds.

The 10-year fixed-rate bonds have a coupon rate of 4.9% and are conditionally redeemable.

The proceeds from the issuance will be used to replenish the bank's capital base, according to a March 23 release.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.