Feb 11, 2019 (China Knowledge) - Under a China-Singapore inter-government program, one Chongqing local company has issued a bond in Singapore dollars.
The SGD 150 mln bond, with a contract rate of 4.35 percent, was issued by Chongqing Banan Economic Zone Construction Co. Ltd. It was launched at the Singapore Exchange (SGX).
The bond was issued under an agreement between southwest China’s Chongqing Municipality and Singapore. The agreement was called the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI).
The CCI is also the third inter-governmental project between the China and Singapore and builds on the existing partnerships between the SGX and the state-owned Assets Supervision and Administration Commission (SASAC) that aims to help Chongqing companies access international capital funding for business expansion.
The initiative was launched in November 2015. It aims to pilot cooperation in various special fields, including information technology, financial services, aviation and logistics. Till date, there are a total of 11 cross-border bonds have been issued by Chongqing through the initiative, with a total worth of USD 2.61 bln
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