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10 Chinese banks approved to issue RMB 25 bln bonds in HK

Jan. 11, 2012 (China Knowledge) - China's National Development and Reform Commission has given approval for ten domestic banks to issue RMB-denominated bonds worth a total of RMB 25 billion or US$3.96 billion in Hong Kong.

The ten Chinese lenders include China's three policy banks, comprising China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China, and two China incorporated lenders of foreign banks, consisting of The Bank of East Asia (China) Ltd and HSBC Bank (China) Co.

The remaining five of the ten lenders are China's five biggest state-owned banks. They are Industrial and Commercial Bank of China<601398><1398>, China Construction Bank<601939><0939>, Bank of China<601988><3988>, Bank of Communications<601328><3328> and Agricultural Bank of China Ltd<601288><1288> or ABC.

Sources reported that ABC has issued RMB 3 billion worth of offshore RMB-denominated bonds, comprising RMB 2.1 billion of two-year bonds with a coupon rate of 3%, RMB 550 million of three-year bonds with a coupon rate of 3.2% and RMB 350 million of five-year bonds with a coupon rate of 3.5%.

About RMB 23 billion in dim sum bonds was issued in the fourth quarter of 2011, said a person familiar with the matter.

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