ICBC (601398.SH) to float RMB180 mln RMB-denominated bonds in ROK
BEIJING, Oct. 14 (Xinhua) – The Industrial and Commercial Bank of China (ICBC, 01398.HK; 601398.SH) said on Tuesday that its subsidiary ICBC (Asia) had successfully issued 180 million yuan of RMB-denominated bonds in the Republic of Korea (ROK).
This marks that the first RMB-denominated bond issued by Chinese enterprise and overseas enterprise in the ROK.
The issuance of the first RMB-denominated bond by a Chinese financial insitution in ROK is of significant demonstration effect on ROK attracting overseas enterprises to issue such bond in the country, and it also helps boost the forming of diversified offshore RMB bond market in ROK, said an executive of ICBC.
With a maturity of two years, the bond has a coupon rate of 3.7 percent, and KDB Daewoo Securities acts as underwriter of the issuance.
Prior to this, the ICBC had launched a number of innovative RMB-denominated products in the ROK, including RMB certificate of deposits, direct trading between the RMB and Won, RMB repos, RMB loans, RQFII custodian, and transfer of RMB credit assets. (Edited by Hou Yujie, firstname.lastname@example.org)