CDB launches floating-rate RMB bonds in HK
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China Development Bank (CDB), one of the country's three policy lenders, said Monday it had successfully launched 2 billion yuan (300 million U.S. dollars) of floating-rate Renminbi bonds, which made it the first financial institution to issue floating-rate RMB bonds in Hong Kong this year.
The 3-year-term bonds, offered to institutional investors, carried a coupon rate of 10 basis points over the 5-day average of three- month Shanghai Interbank Offered Rate and is payable quarterly, the bank said in a statement.
It was the fourth time that China Development Bank issued RMB- denominated bonds in Hong Kong since July 2007, when China's central bank permitted mainland-based financial institutions to issue RMB bonds in Hong Kong.
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