SG/CNPC bonds

Societe Generale to repatriate proceeds of dim sum bond

French bank Societe Generale lends the proceeds of its renminbi bond to a China subsidiary, while CNPC uncorks big demand for its dual-tranche dollar bond.
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);">

Photo: AFP
</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP </div>

French bank Societe Generale closed its debut Rmb500 million $79 million three-year dim sum bond on Friday evening. So far, foreign banks that have tapped the dim sum market are thought to have kept their proceeds offshore, but SG will repatriate the funds to one of its mainland subsidiaries through an intra-group loan.

“We believe this is the first time a foreign bank has issued a dim sum bond and has approval to repatriate the money back onshore,” said Yves Jacob, head of debt capital markets for Asia-Pacific at SG. “The proceeds will go towards our onshore subsidiary, SG Equipment Leasing, which lends to small-to-medium companies onshore.”...

¬ 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