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CDB Issues Bonds Worth 2.4 Billion USD Overseas

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Time:2018-12-05  Source:CDB

CDB has recently issued in the international bond market its first dual currency bonds worth 2.4 billion USD in 2018. This is the largest single issuance of high-grade bonds by a domestic Chinese-funded bank so far in 2018. The issuance, assigned a rating of A1 by Moody’s, includes 1 billion USD of 3-year floating-rate bonds, 500 million USD of 5-year floating-rate bonds, and 800 million EUR of 4-year fixed-rate bonds. The bonds have attracted investment from commercial organizations such as banks, funds and insurers and a great many central banks and sovereign entities, most of which are based in Asia and Europe. This shows that the international community is confident in the future of the Chinese economy and has recognized CDB's operational performance.

It is reported that CDB has been highly recognized for its issuing the bonds to tackle the challenges having emerged at the end of the year, such as liquidity tightening, limited investable funds, and flattening yield curves in the secondary market. The joint lead managers and bookrunners for the USD-denominated bonds are Bank of China (BOC), Agricultural Bank of China Hong Kong Branch, Bank of Communications, China Construction Bank (Asia), Hong Kong and Shanghai Banking Corporation (HSBC), Standard Chartered Bank (SCB), Deutsche Bank, Union Bank of Switzerland, Mizuho Securities Co., Ltd., and ANZ Bank, and for the EUR-denominated bonds are BOC, China Construction Bank (Europe), HSBC, SCB, BNP Paribas, Barclays, Mitsubishi UFJ Securities Holdings, Commerzbank, Deutsche Bank, and DZ Bank.

In recent years, CDB has been providing comprehensive financial products and services for collaborations under the Belt and Road Initiative. Since it relaunched overseas issuance of foreign currency-denominated bonds in 2015, CDB has been doing so for four consecutive years. It has so far issued foreign currency-denominated bonds worth 16.4 billion USD (9.5 billion USD bonds and 6.2 billion EUR bonds), ranging from fixed or floating-rate ones to publicly or privately-offered ones. Through continuous bond issuance in foreign markets, CDB has optimized its structure of funding sources, improved its overseas bond yield curve, and reduced its foreign currency financing cost, while providing a wider variety of high-quality investment products for foreign investors.

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