THE board of the Bank of Communications planned to issue up to 20 billion yuan (US$3.03 billion) of yuan-backed bonds in Hong Kong by the end of 2012, the Shanghai-based bank said in a stock exchange filing yesterday.

The plan needs shareholder approval at a meeting on February 23. The bank will issue up to 10 billion yuan in bonds in Hong Kong this year, if the plan is approved. The bonds will have a maturity of between two and five years.