Taiwan nears Formosa bonds landmark

The Hong Kong units of China's Bank of Communications and Agricultural Bank of China are set to issue Formosa bonds, with more mainland entities likely to follow.

The first Formosa bonds issued by Chinese companies are set to begin trading on December 10, giving Taiwan’s bond market a boost and setting a precedent for other mainland issuers.

Bank of Communications Hong Kong and Agricultural Bank of China Hong Kong last week priced a total Rmb2.7 billion $443 million in dual-tranche notes issued in Taiwan, the first such sale after the island authorities last week lifted a ban on mainland Chinese issues of Formosa bonds.  

More issuers, including China Development Bank and Bank of China, are expected to follow suit.

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