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CCDC Shanghai HQ Successfully Supported the First Global Issuance of Exim Bank “Bond Connect” Green Financial Bonds

On December 22, approved by the People's Bank of China, China Exim Bank (hereinafter referred to as Exim Bank), successfully issued a green financial bond of RMB 2 billion to domestic and overseas qualified “Bond Connect” investors at CCDC Shanghai headquarters. This is the first “Bond Connect” green financial bond issued by the Exim Bank and the first book-building issuance of green financial bonds to global investors in a market-oriented manner. Leaders from People's Bank of China Shanghai Headquarters, officials from Shanghai Financial Service Office, Wang Kai, general manager of the Fund Operation Department of the Exim Bank, and Liu Baishu, vice president of CCDC, witnessed this historic moment.

The bond has a maturity of three years and all funds raised will be used for green industry projects, including, in particular, the development of clean energy applications in the Belt & Road Initiative related countries and the promotion of global Green Belt & Road Initiative. Thanks to the active subscription from Bank of China Singapore Branch and investors from Hong Kong SAR and some European countries, the final subscription multiples reached 3.46, and the allotment rate was 4.68%, 9 bps lower than the valuation of the bonds of same maturity as suggested by ChinaBond Pricing Center. Agricultural Bank of China, Bank of China, CITIC Securities, China Merchants Securities, Bank of Luoyang, Bohai Securities were the joint principal underwriters, and China Merchants Securities served as the bookrunner.

CCDC has been actively taking on the national strategy and constantly promoting business innovation. It provided technical support and integrated service to the issuance of the bonds. This is the first global bond issuance supported by CCDC Shanghai Headquarters since its establishment. For Shanghai HQ, the successful issuance has many significance. First, it shows that Shanghai HQ is leveraging the core financial infrastructures to conduct safer, more efficient and more orderly business operations and effectively reduce the risk of cross-border bond business. Secondly, it shows that Shanghai HQ is actively exploring various channels of cross-border business to promote innovation in cross-border issuance and provide more access for domestic and foreign market participants to China's financial markets. Thirdly, based on the local market, Shanghai HQ can effectively link global issuers and investors to further strengthen Shanghai's position and voice as an international financial center with respect to international financial assets pricing, clearing and settlement.

 

2017.12.25
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