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 tranche were, respectively, 3.3% compared to guidance of 3.35%, 3.75% versus 3.8%, 3.95% versus 4% and 4.08% versus 4.13%. The issuance is the first four-tranche renminbi bond in Taiwan.
The Hong...
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