guangdong nanyue bank, a rural bank in China's south-east Guangdong province, will skip a call option on its Tier 2 bonds next month, in the latest sign of the refinancing pressures facing China's small banks. Nanyue Bank will not exercise its redemption right on Rmb1.5bn (US$214m) of 6% Tier 2 bonds with a call date in December, according to a public filing. The 10-year non-call five bonds were sold in 2014 and have a final maturity in 2024.
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