ICBC breaks new ground with renminbi bond in Seoul
By Jiang Xueqing | China Daily | Updated: 2014-10-15 08:27
The Industrial and Commercial Bank of China Ltd sold yuan-denominated bonds in South Korea on Tuesday, the first such issue by a Chinese company and a move that experts said would pave the way for a diversified offshore renminbi bond market in that country.
ICBC (Asia), the Hong Kong arm of China's largest bank by assets, issued two-year bonds worth 180 million yuan ($29 million) at a coupon rate of 3.7 percent.
The ICBC Seoul Branch will be responsible for bond clearing, and KDB Daewoo Securities underwrote the issue.
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