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Bank of East Asia (China) Yuan-backed bonds hot

BANK of East Asia (China) has issued 4 billion yuan (US$586 million) of yuan-backed bonds in Hong Kong, at the upper-end of its allowed quota as sales have been hot.

The bank is the first Chinese mainland-incorporated overseas bank to issue yuan bonds in Hong Kong to both individual and institutional investors.

The bank accepted investors' bidding between June 30 and July 17. The two-year bond bears an annual interest of 2.8 percent.

About 70 percent of the bonds were sold to retail investors while the remaining 30 percent were allocated to institutional investors.


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