Bank of Hangzhou Co. Ltd. said May 30 that it issued 10 billion yuan of Tier 2 bonds.

The 10-year notes carry an annual coupon of 4.60% and can be redeemed after five years.

The bonds were issued the same day.

Proceeds from the bonds will be used to boost Bank of Hangzhou's capital structure.

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