4 Chinese banks issue NCD worth US$1.1b
Print Edition
FOUR Chinese commercial banks issued 7 billion yuan (US$1.1 billion) of negotiable certificates of deposit yesterday, after financial regulators enhanced monitoring of their investment in non-standard assets.
The Bank of China, China Minsheng Banking Corp, China CITIC Bank and Shanghai Pudong Development Bank issued NCD worth 1 billion yuan, 2.5 billion yuan, 1.5 billion yuan and 2 billion yuan respectively in the interbank market.
Interbank NCD can be bought by and resold to members of the interbank market. It is a low-risk and low-interest investment instrument that cannot be cashed before maturity.
Analysts said the NCD unveiled by the People’s Bank of China near the end of last year will be a popular tool among the banks, especially after the financial regulators decided to rein in their investment in non-standard assets.
Non-standard assets refer to debt-financing instruments that are not traded in either stock exchanges or the interbank market, including trust loans, acceptance bills, letters of credit, accounts receivables and equity financing under repurchase agreements.
Last month, the regulators urged financial institutions to quickly develop asset securitization and participate in the NCD trail in the interbank market as a way to replenish liquidity.
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