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Bank of Jiangsu issues 20B yuan of Tier 2 bonds

Bank of Jiangsu Co. Ltd. raised 20 billion yuan by issuing Tier 2 bonds.

The 10-year notes carry an annual coupon of 4.18% and an option for the lender to redeem them after five years.

Proceeds from the exercise will be used to boost the bank's secondary capital, according to a Sept. 30 release.

As of Sept. 30, US$1 was equivalent to 7.15 Chinese yuan.