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Taiwan to see sales of US$1.1b bonds
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Four Chinese banks — the Bank of China, the China Construction Bank, the Agricultural Bank of China and Bank of Communications — plan to sell 6.7 billion yuan (US$1.1 billion) of bonds on the Gre Tai Securities Market in Taiwan, according to bank sources and media reports.
Chin’s second-biggest lender CCB and the biggest foreign exchange bank BOC each planned to sell 2 billion yuan of bonds in the over-the-counter market for bond trading today going by their advertisements in Taiwan’s newspapers.
BoCom, the country’s fifth-biggest lender, said in a statement yesterday that its first 1.2 billion yuan-denominated bond in Taiwan would also start trading today.
The bank’s Hong Kong branch planned to sell the bonds after rival AgBank, the country’s third-biggest lender, said earlier that it would sell 1.5 billion yuan of the debt.
HSBC is the book runner for Shanghai-based BoCom’s issuance.
The rate for BoCom’s three-year 800 million yuan bonds is 3.4 percent and the five-year 400 million yuan issue is 3.7 percent. Their rates are higher than AgBank’s two bond issues at 3.3 percent and 3.6 respectively.
The total yuan deposits in Taiwan have risen to 123.2 billion yuan by the end of October amid growing trade between the mainland and the island.
More yuan bond sales in Taiwan will develop the offshore yuan market, accelerate the globalization of the yuan, and boost cross-strait economic and trade exchanges, said BoCom.
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