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Bank of China raises 40B yuan in bond issue

Bank of China Ltd. raised 40 billion yuan through an issuance of Tier 2 capital bonds.

The 10-year fixed-rate bonds carry a coupon of 4.84%, the bank said, adding that it may choose to redeem the bonds after five years.

The bank said it will use the proceeds to replenish its Tier 2 capital.

As of Oct. 10, US$1 was equivalent to 6.92 Chinese yuan.