News Column

BOC to Issue CNY2.5bn RMB Bonds in Luxembourg

May 9, 2014

BEIJING, May 9, SinoCast -- Bank of China, the third largest bank in China, planned to issue CNY 2.5 billion renminbi bonds in Luxembourg, becoming the first Chinese company issuing renminbi bonds in the euro zone and making Luxembourg become the third offshore renminbi issuance city.

The Luxembourg branch will be responsible for issuing the three-year bonds, with a planned yield ratio of 3.5%, higher than 3.45% for the bonds issued in London four months earlier.

The bonds won 2.96-time over-subscriptions. Central banks of other countries subscribing for BOC's bonds hoped to diversify the foreign exchanges they hold and large insurance companies and commercial banks are also interested in the bonds. The bond issuance earlier was expected to be completed on May 8.

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Source: Sinocast Banking & Credit Beat (China)

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