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Bank of Communications issues 40B yuan of Tier 2 bonds

Bank of Communications Co. Ltd. raised 40 billion yuan via an issuance of Tier 2 bonds in two tranches.

The bank issued 30 billion yuan of 10-year notes with a coupon of 4.10% per year and 10 billion yuan of 15-year notes with a coupon of 4.49%.

The bonds were issued Aug. 16.

As of Aug. 16, US$1 was equivalent to 7.04 Chinese yuan.