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Bank of Qingdao issues 4B yuan of bonds to back lending to small businesses

Bank of Qingdao Co. Ltd. issued 4 billion yuan of small and micro-enterprise loan-specific financial bonds.

The bank issued 3 billion yuan of three-year fixed-rate bonds and 1 billion yuan of five-year fixed-rate bonds, according to a Dec. 12 release.

Funds raised from the issuance will be used to back lending to small and micro-enterprises.

The issuance is part of the bank's plan to issue up to 8 billion yuan of bonds in China's interbank bond market.

As of Dec. 12, US$1 was equivalent to 7.01 Chinese yuan.