CCB Asia issues largest Formosa bond

The first four-tranche note in the market raises $539m and underlines the increasing demand for renminbi products from Taiwan.

CCB Asia issues largest Formosa bond

China Construction Bank Asia raised Rmb3.3 billion $539 million on Tuesday from Taiwan’s largest renminbi bond, underlining the increasing demand for such products from the second largest offshore renminbi market by deposits.

The Formosa bond from CCB Asia, a Hong Kong-based wholly owned subsidiary of China’s second largest lender CCB, comprises Rmb700 million  two-year, Rmb1 billion five-year, Rmb1 billion seven-year and Rmb600 million 10-year notes.

The coupon of each individual...

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