On December 10, the "Formosa Bonds" worth RMB2 billion issued by Bank of China commenced trading in the GreTai Securities Market of Taiwan. As one of the first Chinese enterprises issuing offshore RMB-denominated bonds in Taiwai, BOC completed the biggest single issuance and exclusively launched bonds with a term of two years, filling in the gap of offshore RMB bonds yield curve in Taiwan.
After mainland enterprises were given the green light to issue "Formosa Bonds" in Taiwan in November this year, BOC earnestly made an application and swiftly carried out relevant preparations.
The issuer of the RMB2 billion bonds is Bank of China (Hong Kong), with Bank of Taiwan as the book-running manager. The issuance included bonds with a term of 2 years and 3 years, each worth RMB1 billion, the coupon rate of which is 3.15% and 3.25% respectively.
The issuance of "Formosa Bonds" in Taiwan demonstrated BOC's emphasis on and support to cross-strait economic and financial exchanges and the development of the offshore RMB market in the Taiwan region. It further boosted the position of Bank of China Taipei Branch as a RMB clearing bank in Taiwan region, and will also promoted all-round development of RMB business in Taiwan region.
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