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Industrial Bank raises 20B yuan of Tier 2 bonds

Industrial Bank Co. Ltd. issued 20 billion yuan of Tier 2 bonds to boost its capital.

The 10-year notes carry an annual coupon of 4.12% and are redeemable by the lender after five years, according to a Sept. 20 release.

The bonds were issued Sept. 19.

As of Sept. 19, US$1 was equivalent to 7.10 Chinese yuan.