On Monday, FinanceAsia reported that the subscription for ChinaÆs first yuan-denominated bond offering outside the Mainland was expected to reach between Rmb11 billion and Rmb12 billion. The deal for China Development Bank in fact attracted Rmb14 billion worth of orders, pricing with a coupon of 3%. A full half of the Rmb5 billion two-year bond issue has been allocated to retail investors. The deal was managed by Bank of China and HSBC.
ôThe fact that half of these bonds were allocated to retail investors û as opposed to the majority going to the Hong Kong banking system û makes this a truly landmark exercise,ö says a source. CDB guaranteed each investor a least...
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