The Asian Development Bank said Tuesday it has priced its first international RMB-denominated bond, which will provide a long-term pricing reference for other borrowers.
The 10-year-term bond issued in Hong Kong, 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 ($1.5 billion) to 1.2 billion yuan, the Manila- based 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 Bindu Lohani, vice president at ADB.
ADB has applied to list the bond on the Hong Kong Stock Exchange, which would be the first RMB-denominated bond to be traded and settled on the exchange, the bank said.
ADB said it aimed to raise approximately $15 billion from the international capital markets in 2010.
Established in 1966 and financed by its 67 members, ADB is an international development finance institution whose mission is to help its developing member countries reduce poverty. |
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