(Corrects bank name in headline)
Bank of Communications Co. Ltd. (03328.HK, 601328.CN) and Agricultural Bank of China (01288.HK, 601288.CN) have applied to Taiwan’s banking regulator to issue yuan-denominated bonds on the island, the China Securities Journal reported Wednesday, without citing a source. BOC is seeking to issue 1.2 billion yuan (US$196.98 million) of the so-called baodao bonds and ABC 1.5 billion yuan. The two would become the first mainland banks to do so after Taiwan’s Financial Supervisory Commission announced on Tuesday that mainland–registered legal entities would be able to apply for a combined quota of 10 billion yuan from the next day. According to unnamed sources, China Development Bank Corp. and Bank of China Ltd. (03988.HK, 601988.CN) are also interested in issuing baodao bonds, the report said.
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