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Guotai Junan Securities to issue up to 13.6B yuan of bonds

Guotai Junan Securities Co. Ltd. received approval from the China Securities Regulatory Commission for a proposed bond issuance of up to 13.6 billion yuan.

The company plans to issue the notes in tranches to qualified investors, according to a March 1 release.

The first tranche issuance will be completed within 12 months of the date of regulatory approval, with the rest to be completed within 24 months.

As of March 1, US$1 was equivalent to 6.36 Chinese yuan.