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ICBC breaks new ground with renminbi bond in Seoul

By Jiang Xueqing ( China Daily ) Updated: 2014-10-15 08:27:47

ICBC breaks new ground with renminbi bond in Seoul

The Industrial and Commercial Bank of China Ltd sold yuan-denominated bonds in South Korea on Tuesday, the first such issue by a Chinese company and a move that experts said would pave the way for a diversified offshore renminbi bond market in that country.

ICBC (Asia), the Hong Kong arm of China's largest bank by assets, issued two-year bonds worth 180 million yuan ($29 million) at a coupon rate of 3.7 percent.

The ICBC Seoul Branch will be responsible for bond clearing, and KDB Daewoo Securities underwrote the issue.

ICBC breaks new ground with renminbi bond in Seoul

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