London has bolstered its position as Europe’s central offshore trading hub for China’s renminbi currency as China’s biggest bank issued its first offshore bond in the city.
Industrial and Commercial Bank of China, which is the largest bank in the world by market capitalisation, became the first Chinese mainland bank to issue a Rmb2bn bond in London on Tuesday.
The bond was formed of two tranches, a three-year portion paying interest of 3.3 per cent and a five-year portion yielding 3.7 per cent. It was managed by ICBC, Royal Bank of Scotland, JPMorgan and Standard Chartered.
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