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Jiangsu Zhangjiagang Rural Commercial Bank to issue 2.5B yuan of bonds

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Jiangsu Zhangjiagang Rural Commercial Bank to issue 2.5B yuan of bonds

Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. plans to issue 2.5 billion yuan of convertible bonds.

The bank said Sept. 6 that it has approval in hand from China's securities regulator to issue the bonds within a period of six months, according to a Sept. 6 release. The notes will have a tenor of six years, with pricing yet to be determined.

As of Sept. 6, US$1 was equivalent to 6.84 Chinese yuan.