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Bank of China raises 40B yuan in bond issue

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Bank of China raises 40B yuan in bond issue

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

The 10-year fixed-rate notes carry a coupon of 4.86%, according to a Sept. 5 release. The lender may also choose to redeem them after five years.

Proceeds of the issuance will be used to replenish its Tier 2 capital.

As of Sept. 5, US$1 was equivalent to 6.83 Chinese yuan.