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Bank Of China Issues RMB3 Billion Yuan Lion City Bonds
In a statement, the bank said the bonds will be listed on the Singapore Exchange.
With strong support from local and international institutional investors, the issuance was 2.96 times oversubscribed.
Fifty-two percent of the investors are from Singapore, 25 per cent from the rest of Asia and 23 per cent are from Europe.
The issuance was priced at 3.30 per cent for the two-year bonds, and 4 per cent for the five-year bonds.
Bank of China, DBS Bank, OCBC Bank Singapore and Standard Chartered Bank are joint book runners, with the Agricultural Bank of China Singapore Branch being co-manager.
BOC Singapore General Manager Zhang Qingsong said that Bank of China's 'Lion City' issuance reflected the continued internationalisation of RMB as a leading currency and Singapore's increasing maturity as an offshore renminbi centre.
"As China's most international bank with the largest renminbi cross-border transactions business, this issuance demonstrates BOC's continued support for Singapore's rapid development as an offshore renminbi centre," Zhang said.
This is BOC's third RMB bond issuance within its US$10 billion Medium-Term Note programme (MTN) which was assigned 'A' by Fitch Ratings and 'A1' by Moody's Investors Service.
BOC released its first 2 billion yuan "Formosa Bonds" in Taiwan in December 2013 and 2.5 billion yuan offshore bonds in London in January 2014.
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