Inaugural issue of 1-year yuan CD in HK
Source: Xinhua |
July 7, 2010, Wednesday
|
Print Edition
Print Edition
CITIC Bank International, a Hong Kong-based subsidiary of China CITIC Bank, announced yesterday the issuance of the inaugural offshore yuan Certificate of Deposit, the first of its kind in Hong Kong.
The total issue size of the one-year CD to institutional investors is 500 million yuan (US$74 million), carrying a coupon of 2.68 percent. HSBC is the sole bookrunner and lead manager for the transaction.
The issuance is to support Hong Kong's development as an offshore yuan center and the robust growth in the bank's yuan businesses and will enhance the bank's yuan working capital for trade finance, said Woody Chan, executive vice president and treasurer of the lender.
"In the past six months, we have recorded initial and increasing success in yuan offshore trade settlement and related currency hedge business," said Chan, adding that the CD issuance will boost the bank's capability to meet with the anticipated sustained growth in yuan business.
Anita Fung, HSBC's Head of Global Banking and Markets in Asia-Pacific, saw more yuan-related products as the market evolves.
The total issue size of the one-year CD to institutional investors is 500 million yuan (US$74 million), carrying a coupon of 2.68 percent. HSBC is the sole bookrunner and lead manager for the transaction.
The issuance is to support Hong Kong's development as an offshore yuan center and the robust growth in the bank's yuan businesses and will enhance the bank's yuan working capital for trade finance, said Woody Chan, executive vice president and treasurer of the lender.
"In the past six months, we have recorded initial and increasing success in yuan offshore trade settlement and related currency hedge business," said Chan, adding that the CD issuance will boost the bank's capability to meet with the anticipated sustained growth in yuan business.
Anita Fung, HSBC's Head of Global Banking and Markets in Asia-Pacific, saw more yuan-related products as the market evolves.
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