SINGAPORE, Oct. 23 (Xinhua) -- The Industrial and Commercial Bank of China Singapore Branch (ICBC Singapore) launched 1.25 billion yuan worth of three-year offshore RMB bonds and made the bonds listed on the Singapore Exchange on Tuesday, according to a statement.
The Industrial and Commercial Bank of China, Development Bank of Singapore, E.SUN Commercial Bank (Hong Kong), Hong Kong Shanghai Banking Corporation, Standard Chartered Bank and SinoPac Securities (Asia) were the joint underwriters and bookrunners for the issuance.
ICBC Singapore said the bonds were the largest single tranche Lion City Bond in Singapore for 2018, and were priced inside the curve with comparables in the secondary markets. Upon the deal announcement, the order book was soon oversubscribed by financial institutions, fund managers, insurance companies and private banks in the region.
"The issuance demonstrated the continued confidence of international investors in the China's economic outlook," said Zhou Aimin, deputy general manager of ICBC Singapore. "It also shows the internationalization of the RMB is on a steady trajectory."
ICBC Singapore is the first RMB clearing bank outside China authorized by the People's Bank of China, and it is also ICBC's offshore RMB clearing center with the highest RMB clearing volume. Zhou said the branch, as one of the key overseas funding centers and offshore RMB trading hubs of the ICBC group, would continue its efforts to promote RMB internationalization, leveraging ICBC' strength in offering international and integrated financial services.
"We strive to provide comprehensive and integrated financial services to support the Belt and Road Initiative and China-Singapore economic and trade cooperation," he added.
"As China's economy continues to grow rapidly, we are honored to partner and collaborate with ICBC's Debt Capital Markets team to jointly play a key role in the financial collaboration and information exchange between the two countries," said Chew Sutat, executive vice president of Singapore Exchange Limited.