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SINGAPORE, Nov 29, 2013 - (ACN Newswire) - Singapore Exchange (SGX) today welcomed the first Chinese Bank's renminbi (RMB) bond to be listed and cleared in Singapore. The RMB bond is issued by Industrial and Commercial Bank of China's (ICBC) Singapore branch. The bond issue is settled and cleared in RMB via SGX's Central Depository (CDP).
The bond issue is for 2 billion RMB (S$408 million) at 3.2% on a 2-year tenor, maturing on 28 November 2015. According to the book runners, Singapore investors took up 55% of the bond issue and the bonds are well distributed to more than 120 accounts.
Zhang Weiwu, General Manager of ICBC Singapore Branch, said: "ICBC's 2 billion RMB bond in Singapore was issued out of our medium term note programme. ICBC Singapore, as one of the joint arrangers, had recently increased the programme size from US$900 million to US$4 billion as the bank continues to strengthen our RMB platform and distribution capabilities here."
Jenny Chiam, Head of Securities at SGX, said: "SGX's commitment to grow and enhance our suite of RMB and China-related products and services shows our continuous support for our customers in their RMB business. We welcome the successful launch of ICBC bonds on SGX and look forward to greater participation from companies and investors in the RMB market via Singapore and SGX."
About ICBC
Industrial and Commercial Bank of China Limited (ICBC) is a leading global financial institution with 383 overseas branches spanning across 138 countries, providing financial services to over 497 million corporate and personal banking customers. With total assets of over US$2.61 trillion and net profit exceeding US$38.0 billion as of 31 December 2012, ICBC is one of the world leading global financial institutions. ICBC provides a broad spectrum of financial services and products to consumers, corporations, governments and institutions.
ICBC set up its Singapore Branch (ICBC Singapore) in 1993, and was ICBC's first overseas institution established outside the People's Republic of China . ICBC Singapore was awarded Wholesale Banking License in 2003 and Qualifying Full Bank Licence in 2012 by the Monetary Authority of Singapore. On 8 February 2013, the People's Bank of China appointed ICBC Singapore as the RMB Clearing Bank in Singapore. Leveraging on ICBC's global network, ICBC Singapore seeks to establish itself as the preferred bank for RMB services in the region.
Contact:
Loh Wei Ling
Marketing & Communications
Tel: +65 6236 8157
Email: weiling.loh@sgx.com
Joan Lew
Marketing & Communications
Tel: +65 6236 8658
Email: joan.lew@sgx.com
Topic: New Product
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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