Japanese bank plans first foreign bond sale

TOKYO - Bank of Tokyo-Mitsubishi UFJ (China) Ltd plans to raise 1 billion yuan ($146 million) from the first local-currency note sale in the mainland by an overseas company.

The unit of Mitsubishi UFJ Financial Group Inc, Japan's biggest bank, won approval from the People's Bank of China and the China Banking Regulatory Commission to sell two-year notes, according to a statement posted on Monday on the Chinabond website.

The coupon will be tied to the three-month Shanghai interbank offered rate, or Shibor, the statement said.