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Eximbank Issues Five-billion-yuan Bonds
The China Export and Import Bank (Eximbank) announced Wednesday that it has successfully issued one-year financial bonds worth of five billion yuan (US$602.4 million) through public bidding, with approval from the People's Bank of China.
A spokesman for the bank said that the winning interest rate for the bonds was 2.34 percent. "This is the first time that Eximbank has issued short-term financial bonds and also the first of such bonds ever issued in China," he added.
He said that 36 underwriters tendered for the bidding, with the total bidding volume reaching 20.84 billion yuan (US$2.51 billion), 4.2 times the volume of the bond.
Eximbank has issued bonds eight times since 1998, totaling 35 billion yuan (US$4.22 billion), sources said.
The successful issuance will further promote the development of the bank's credit businesses. As a State-owned export credit institute, Eximbank has supported the export of high-tech and high value-added electronic and machinery products and complete sets of equipment since it started business in July 1994.
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