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China To Use HKEx To Offer RMB Bonds To Retail Investors

Hong Kong Exchanges and Clearing Limited (HKEx) has welcomed a decision by China's Ministry of Finance (MoF) to list renminbi (RMB)-denominated sovereign bonds again on its Stock Exchange, using, for the first time, the Exchange's facilities for a public offering of its bonds to retail investors.

The Mainland's State Council previously granted approval for the MoF to issue a total of RMB23bn (USD3.8bn) of sovereign bonds in Hong Kong in 2013. The first batch, valued at RMB13bn, was issued on June 26 this year, and the MoF plans to issue the remainder, valued at RMB10bn, in late November.

Among the RMB10bn of sovereign bonds to be issued this time, RMB3bn with a two-year maturity will be open for retail subscription by Hong Kong residents, who will be able to subscribe through Participants in the Exchange's Central Clearing and Settlement System, which is a system to cater for the book-entry settlement of transactions in listed securities between its Participants.

The other RMB7bn of bonds will be issued to institutional investors, and the entire second batch will be listed on the Exchange for trading after issuance.

'We welcome the further issuance of sovereign bonds in Hong Kong and the continued listing of such bonds on our Exchange, which will help further enhance Hong Kong's status as an offshore RMB center, accelerate the internationalization of the RMB and support the Mainland's further economic development,' said HKEx Chief Executive Charles Li.

'We also welcome the fact that retail investors can now subscribe to the bonds through our facilities and their brokers,' he added. 'The continued listing of RMB-denominated sovereign bonds is an important step for us as we expand into fixed income, currency and commodities, a key aspect of our current strategy.'

 

For further information please contact Cavern Cheng, international contact partner for our member firm in China on

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