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Bank of Communications issues Formosa Bonds for sale in Taiwan
Taiwan News, Staff Writer
2014-06-23 04:01 PM

The Bank of Communications’ Hong Kong Branch has issued RMB 2 billion in Formosa Bonds placed in Taiwan, Hong Kong, Singapore, and London. This issue was listed on Gre Tai on Monday the 23rd.

This Formosa Bond placement has a subscription ratio of 1.6:1.The three year Formosa Bond has a total issue of RMB 1 billion and a 3.45% coupon rate. In terms of region, Taiwanese investors account for 83% of the issue, Hong Kong investors 12%, and 5% of investors reside in other regions.

The five year Formosa Bond has a total issue of RMB 500 million and a 3.85% coupon rate. Taiwanese investors account for 87% of the issue, Hong Kong investors 12%, and 1% of investors reside in other regions.

The seven year Formosa Bond has a total issue of RMB 500 million and a 4.15% coupon rate. Taiwanese investors account for 81% of the issue, Singapore investors 6%, Hong Kong investors 3%, and 10% of investors reside in other regions.

Gre Tai stated, with the issuance of Formosa Bonds in Taiwan, Hong Kong, Singapore, and other regions, Taiwan’s interest rate levels and those of other offshore RMB centers have converged. In the future, Taiwan’s Formosa Bond market will be even more competitive and attractive internationally. The scale of Formosa Bond issuance this year will reach RMB 20 billion.

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