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Bank of Communications to issue 40B yuan of bonds

Bank of Communications Co. Ltd. plans to issue 40 billion yuan of bonds.

The notes will carry a tenor of three years and an annual coupon that has not been determined yet, according to a recently released document.

Proceeds from the exercise will be used to repay debt and support a steady business development.

The bonds will be released between Dec. 11 and Dec. 13.

As of Dec. 6, US$1 was equivalent to 7.04 Chinese yuan.