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China Merchants Bank to issue up to 50B yuan of bonds

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China Merchants Bank to issue up to 50B yuan of bonds

China Merchants Bank Co. Ltd.'s board approved a plan to issue up to 50 billion yuan worth of undated capital bonds with a write-down feature to replenish its additional Tier-1 capital.

The lender said Aug. 23 that it will have the right to redeem some or all of the subordinate debt after five years of issuance.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.