Shanghai Pudong Development Bank issues 20B yuan of bonds

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Shanghai Pudong Development Bank Co. Ltd. raised 20 billion yuan via an issuance of Tier 2 capital bonds.

The 10-year bonds were priced with a coupon rate of 4.96%, with an option for the lender to redeem them after five years. They were issued Sept. 7.

Proceeds from the issuance will be used to supplement the bank's Tier 2 capital.

As of Sept. 7, US$1 was equivalent to 6.84 Chinese yuan.