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China Issues Yen Bonds in Japan
A signing ceremony marking China's sale of 30 billion yen (US$284 million) worth five-year bonds in the Japanese bond markets was held in Tokyo Tuesday.
Jin Liqun, Vice Minister of China's Finance Ministry and senior officials from Merrill Lynch & Co. and Nomura Securities Co., which helped arrange the sale, signed on related contracts at the ceremony.
The move marks the Chinese government's first sale of the so-called Samura bonds in Japan in five years. The bonds were priced to yield 1.72 per cent.
To ensure the successful issue of the bonds, the Chinese Finance Ministry carefully studied the market situation and briefed investors in detail on China's economic development and opening up prior to the sale.
As China's economy maintains expanding by an annual rate of about 7 per cent, many foreign investors are expecting that China's debt will prove a profitable investment.
"There is a great deal of demand for China's bonds because of the favorable performance of the Chinese economy," said Jack Gunn, syndicate manager in Tokyo at Merrill Lynch & Co.
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