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Shanghai Pudong Development Bank to issue 50B yuan of convertible bonds

Shanghai Pudong Development Bank Co. Ltd. plans to issue 50 billion yuan of six-year convertible bonds.

The move has been approved by China's securities regulator and is valid for six months from the date of consent, according to an Oct. 14 release.

The coupon of the notes has yet to be determined.

As of Oct. 14, US$1 was equivalent to 7.07 Chinese yuan.