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Ping An Bank redeems 1.5B yuan of hybrid capital bonds

Ping An Bank Co. Ltd. fully redeemed 1.5 billion yuan of hybrid capital bonds that it issued in May 2009.

The 15-year notes were priced with a coupon of 5.70% per year with an option for the lender to redeem after 10 years.

As of May 30, US$1 was equivalent to 6.90 Chinese yuan.