ADB's first Renminbi bond listed on HK stock exchange

19:17, October 22, 2010      

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The first Renminbi-denominated bond issued by the Asian Development Bank, worth 1.2 billion yuan (180 million U.S. dollars), debuted on Hong Kong stock exchange on Friday, making it the first public-listed bond to be traded and settled in RMB.

The Manila-based Asian Development Bank (ADB) confirmed the listing. Named ADB CNY N2010, the bond is coded 86001. Its lot size is 500,000 yuan each. Trading of the bond is settled by the clearing system under the Hong Kong Monetary Authority.

ADB said the bond would provide a long-term pricing reference for other borrowers.

The 10-year-term bond, carrying an annual coupon of 2.85 percent, has been oversubscribed more than two times, which led to an increase of the issue size from 1 billion yuan to 1.2 billion yuan, the bank said.

"The bond will act as a useful benchmark for other potential borrowers, helping develop the offshore RMB bond market into an important source of funding for borrowers as well as an investment destination," said ADB vice president Bindu Lohani.

Since China nodded sales of RMB-denominated bonds in Hong Kong in July 2007, there have been about 30 issues of bonds and Certificates of Deposit totaling approximately 49 billion yuan. Most bonds issued so far have had a tenor of two to three years with the longest maturity being five years.

ADB's issue also marks the first offshore Renminbi bond from a "AAA" rated entity and the first by a supranational borrower, said the bank.

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