CCB breaks dim sum drought

China's second-largest lender sold Rmb1 billion worth of renminbi-denominated bonds in London, the first issue of its kind in almost two months.

China Construction Bank, the country’s second-largest lender by assets, raised Rmb1 billion $157 million from a renminbi-denominated bond in London on Monday, ending a lengthy hiatus in the market.

The timing is auspicious as China seeks to extend its financial reach and London tries to cement its role as a renminbi-trading hub, with Chinese President Xi Jinping set for his first state visit to the United Kingdom later this month, 10 years after the last such visit by a Chinese president.

Before CCB, French lender Societe Generale was the last offshore renminbi borrower, raising Rmb110 million in five-year bonds in late August, according to...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222