The Ministry of Finance set coupon rates at 2.25% to 3.30% for its first bond sale in Hong Kong with a value of US$878.7 billion, the Wall Street Journal reported. The plan is part of Beijing’s efforts to boost the renminbi’s international status. This is China’s first foreign renminbi-denominated sovereign bond issue. Two-year, three-year, and five-year bonds are available, targeting both retail and institutional investors. The bond issue began Monday, September 28 and will end October 20. Subscription results are due October 22 and the bonds will be issued on October 27, with the interest payable semi-annually in arrears. BOC Hong Kong Holding and Bank of Communications are the lead managers and bookrunners of the issuance.
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