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HSBC plans to issue 500m yuan NCDs
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HSBC China plans to issue 500 million yuan (US$80.46 million) interbank negotiable certificates of deposit today, the first foreign bank to do so on China?s mainland as the country expands interest rate liberalization.
Leading Chinese banks were the first to sell NCDs after the People?s Bank of China launched trading of the instrument in the interbank market last December. NCD trading is seen as a step along the path towards complete liberalization of deposit rates.
A certificate of deposit is a low-risk and low-interest security guaranteed by the bank. They can be sold to interbank lending market members but cannot be cashed before maturity.
HSBC pays 4.6 percent interest on the one-month fixed deposit receipts, which will mature on August 3, according the Shanghai Clearing House?s statement.
Hong Kong-based Bank of East Asia also plans to issue NCDs, but is still awaiting regulatory approval.
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