China's Bank of Communications to issue up to RMB 20 billion of bonds

By Marisa Wong

Madison, Wis., Dec. 31 - Bank of Communications Co., Ltd. announced that it plans to issue up to RMB 20 billion of bonds before Dec. 31, 2012.

The bank will issue up to RMB 10 billion of those bonds before Dec. 31, 2011.

The bonds will have a maturity of two to five years. The coupon will be determined by the market interest rate and the offering method.

The bonds will be issued to institutional and retail investors in Hong Kong.

Proceeds will be used for granting loans, general working capital and general corporate purposes.

The bonds are subject to shareholders' approval at an extraordinary general meeting to be held on Feb. 23.

The bank is a Shanghai-based retail and commercial bank.

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