Beijing State-Owned Assets Management, a sovereign wealth fund owned by Beijing municipal government, sold $141 million of bonds on Beijing Stock Exchange Wednesday, the first corporate bond issuance on the exchange, reports Caixin. The three-year bond carries a coupon rate of 2.55%, the lowest rate of the same-term bonds issued by Beijing state-owned enterprises in the past three years. The bond was subscribed 3.88 times.
State-owned carmaker Beijing Automotive Group is also planning to sell RMB 5 billion of bonds on the Beijing bourse.
The Beijing Stock Exchange (BSE), the first bourse based in the capital, opened in late 2021 and was designed as an incubator for small businesses to attract investors directly for capital and reduce their reliance on banks for funding.