Bank of China sells largest-ever yuan-denominated bond issue in Singapore
Published on Feb 26, 2014 4:02 PM
Bank of China's (BOC) Singapore branch on Wednesday issued 3 billion yuan of bonds, becoming the second mainland bank to tap Singapore's fledgling yuan debt market.
BOC's so-called 'Lion City' bonds are the largest-ever yuan-denominated bond issue in the Republic and will be listed on the Singapore Exchange.
They consist of two tranches: 2 billion yuan of two-year bonds with a coupon of 3.3 per cent, and 1 billiion yuan of five-year debt paying 4 per cent.
The issuance was 2.96 times oversubscribed, said BOC, adding that 52 per cent of the investors are from Singapore, 25 per cent from the rest of Asia and 23 per cent from Europe.
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