Bank of China to issue RMB 3B bonds in HK
Bank of China announced yesterday (4 Sep) to issues second RMB-denominated bonds with an aggregate amount of up to RMB3 billion in Hong Kong from today to 16 Sep. The bonds will bear an interest rate of 3.25% and 3.40% per annum for a team of 2 and 3 years.
Visa IPO, stock soars in market debutBoth Tranche A and Tranche B will be offered to retail investors and institutional and other investors. Tranche A bonds will have a term of two years and will bear an interest rate of 3.25% per annum. Tranche B bonds will have a term of three years and will bear an interest rate of 3.40% per annum. Interest will be payable every six months.
The Joint Lead Managers and Bookrunners for the bond offering are Bank of China (Hong Kong) Limited ("BOCHK") and BOCI Asia Limited ("BOCI"). The retail bonds will be distributed through 17 placing banks with branches in Hong Kong.
"An increasing number of Mainland Chinese financial institutions issuing RMB bonds in Hong Kong brings new participants and other foreign currency-denominated bond transactions to the Hong Kong financial market thus widening the scope of asset transactions of Hong Kong banks, enriches the investment options for Hong Kong residents and businesses while at the same time diversifies the fund-raising channels and geographical coverage for Mainland Chinese financial institutions. Further, this is of far-reaching significance to the increasing financial ties between Mainland China and Hong Kong as well as the consolidating of Hong Kong's status as an international financial centre." Said Mr Zhu Min, Vice President of BOC at the launch ceremony.
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