Bank of East Asia says to launch yuan bond in HK

HONG KONG, June 29 (Reuters) - Bank of East Asia's (0023.HK) China unit is set to launch a 4 billion yuan ($585.4 million) bond on Tuesday, becoming the second foreign bank to sell yuan-denominated bonds in Hong Kong.

Details of the bond would be announced during a news conference on Monday afternoon, a spokeswoman said.

The 4 billion yuan two-year bond, with a coupon rate of 2.8 percent, would be sold to institutional and retail investors, said IFR, without citing sources, on Friday.

Bank of China (Hong Kong), Bank of East Asia (Hong Kong) and CICC are joint lead managers of the deal, it added.

Last Thursday, HSBC (0005.HK) HSBL.S launched a 1 billion yuan, two-year floating rate note at a spread of 38 basis points over the three-month Shanghai interbank offered rate (SHIBOR), targeting institutional investors. [ID:nLP441973] ($1=6.833 YUAN) (Reporting by Alison Leung; Editing by Chris Lewis)