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Bank of Tianjin to raise 5B yuan via bonds

Bank of Tianjin Co. Ltd. plans to raise 5 billion yuan by issuing three-year bonds.

Proceeds from the exercise will be used to maintain the bank's debt structure, finance projects and meet national strategic lending needs such as the reform of state-owned enterprises.

The annual coupon rate of the notes is yet to be determined.

As of Dec. 20, US$1 was equivalent to 7.01 Chinese yuan.