Industrial and Commercial Bank of China has issued a total of Rmb4bn ($650m) of renminbi-denominated bonds in Singapore and Taiwan, in the first case of cross-border collaboration between the two offshore markets for the Chinese currency.
Three tranches of “Lion City” bonds – a name often used for Singapore – were issued on Monday, one of which was listed on SGX, the Singapore exchange, with the others dual-listed on SGX and the GreTai Securities Markets in Taipei.
It was the biggest Lion City bond issue to date, eclipsing a Rmb2bn record set by ICBC, China’s largest lender, in 2013. The dual-listing of tranches is also the first of its kind for a Chinese bank.
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