HK to issue 20 billion RMB bonds

Bank of Communications (601328.　　SH,03328.HK, hereinafter referred to as "the bank", announced yesterday that the day of the provisional General Meeting of shareholders passed the December 31, 2012 in Hong Kong issued no more than 20 billion yuan of bonds. Under the scheme, the bank will issue renminbi bonds of not more than 10 billion yuan in 2011. The maturity of bonds is between 2-5 years, depending on market interest rate changes and investor demand. The bond interest rate will refer to the market interest rate, combined with the distribution method.　　The bond issue is for Hong Kong market institutional investors and retail investors, and the main purpose of raising funds will be to provide loans and bank liquidity and other general corporate uses.　　Previously, the bank issued 3 billion yuan in Hong Kong bonds in July 2008.　　The bank said that the issuance of renminbi bonds to Hong Kong would help the bank to promote the implementation of the "two-line" development strategy, broaden the source of funds, further enhance international influence and promote the continued sound development of business.　　As at February 23, the number of shares issued by the bank was 56.26 billion shares. The Bank of the stock exchange yesterday held a day of suspension of the shareholders ' meeting, which fell 2.3% and closed at 5.51 Yuan. The shares of the Bank of Hong Kong yesterday closed at HK $7.46, down 0.93%.