BEIJING, Sept. 17 (Xinhua) – China Construction Bank (CCB) Singapore Branch lately has completed issuance of 300 million Singapore dollar-denominated 2-year bonds in Singapore to finance Belt and Road-related infrastructure projects.
The bonds, rated “A” by Standard & Poor’s, saw final coupon rate of the bond pressed down 10 basis points than the initial yield for guidance to 2.643 percent at auction.
According to CCB Singapore Branch, the bonds, to be listed on the Singapore Exchange for trading, attracted over 600 million Singapore dollars of active subscription by government funds, banks, insurers, and asset management firms from Singapore, Hong Kong, the Republic of Korea, and the Europe.
The robust demand on the primary market demonstrated solid confidence in China’s banking industry by investors of this batch of bonds, said the CCB Singapore Branch.
Having issued three batches bonds under the B&R infrastructure bond series in the Singapore market, comprising of Renminbi- and Singapore dollar-denominated ones, the CCB Singapore Branch raised funds equal to more than one billion Singapore dollars in total.
The CCB Singapore Branch took the move to echo the Belt and Road Initiative and in return, the issuance was also good for its expanding the Southeast Asia market.
Up to date, the branch has provided nearly 10 billion U.S. dollars worth of financing or services for more than 20 B&R programs in Singapore and other B&R countries and regions. (Edited by Duan Jing, duanjing@xinhua.org)
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