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Bank of Communications to list first yuan bond in Taiwan
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China’s fifth-biggest lender, Bank of Communications, said its first yuan-denominated bond will be listed in Taiwan tomorrow, to provide additional investment options to investors on the island.
The Hong Kong branch of BoCom will sell 1.2 billion yuan (US$197 million) in yuan bonds in Taiwan tomorrow after its rival Agricultural Bank of China, the country’s third-biggest lender, sold 1.5 billion yuan of debts in late November. Book runners include BoCom’s foreign investor HSBC, BoCom said in a statement today.
The three-year bond issue is for 800 million yuan at 3.4 percent, and the five-year issue is for 400 million yuan at 3.7 percent, which are both higher than AgBank’s two issuances at 3.3 percent and 3.6 percent respectively.
The sale will promote the development of Taiwan’s offshore yuan market, accelerate the internationalization of the Chinese currency, and boost cross-strait economic and trade exchanges, said BoCom.
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