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China’s Bank of Communications plans RMB 30 billion tier 2 bonds
By Marisa Wong
Morgantown, W.Va., May 12 – Bank of Communications Co., Ltd. plans to issue up to RMB 30 billion of tier 2 capital bonds with write-down feature, according to a company announcement.
The instruments will have a maturity of at least five years.
Proceeds will be used to replenish the bank’s tier 2 capital, optimize its capital structure and promote steady business development.
The proposed issuance is subject to shareholders’ approval at an upcoming extraordinary general meeting. If granted, the approval would be valid to June 30, 2018.
Bank of Communications is based in Shanghai.
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