BEA to issue RMB-denominated bonds

Bank of East Asia’s (0023.HK) China unit confirmed rumors that the company has applied to issue renminbi-denominated bonds in China, Reuters reported. BEA is planning to sell up to US$732 million in corporate bonds, pending regulatory approval. If approved, BEA would become the second foreign company to successfully issue bonds in China, following a US$146.5 million issue by Mitsubishi Group (MTU.NYSE, 8306.TYO) this month. Chen Qichang, vice chairman of BEA China, said that BEA is also negotiating to buy a stake in an unnamed Chinese fund house.