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Eximbank Issues Floating Rate Financial Bonds
With ratification from the People's Bank of China, the China Export and Import Bank (Eximbank) successfully issued 5 billion yuan in floating rate financial bonds, with a maturation term of 10 years.
The Eximbank adopted a bidding pattern of a basic margin in interest rate, and the winning basic margin was revealed to be 0.59 percent.
A spokesman for the issuance said the interest rate for the bonds will be redefined every year according to the current interest rate and the basic margin.
He said members of the bank's underwriting team has reached 43, including both State-owned commercial banks, national shareholding banks and commercial banks and credit unions in major cities, which have basically formed a nationwide bond issuing and sales network.
The successful issuance will further promote the development of the bank's credit businesses. As the State-owned export credit institute, Eximbank has supported the export of high-tech and high value-added electronics and machinery products and complete sets of equipment.
By the end of August, Eximbank had honored mature principal of 12.4 billion yuan and paid an interest rate of 7.97 billion yuan, maintaining a good repayment record. The bank has finished 40 percent of its bond issuance plan for this year.
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