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China CITIC Bank issues 40B yuan of capital bonds

China CITIC Bank Corp. Ltd. issued 40 billion Chinese yuan of undated capital bonds.

The bonds were priced with a coupon of 4.20% for the first five years and will be reset every five years, according to a Dec. 11 release.

The issuance was completed Dec. 9 and the bonds were listed on China's interbank bond market.

The proceeds from the issuance will be used to replenish the bank's additional Tier 1 capital.

As of Dec. 11, US$1 was equivalent to 7.04 Chinese yuan.