China plans to issue RMB 15.5 billion of bonds via competitive tender

By Susanna Moon

Chicago, June 21 - The Ministry of Finance of the People's Republic of China said it plans to issue RMB 15.5 billion of bonds at par on June 28 in five tranches.

The bonds will be available for competitive tender on a coupon-bid basis by any qualified Central Moneymarkets Unit members through the CMU BID, according to a government notice.

The issue will consist of RMB 7 billion three-year bonds, RMB 5.5 billion five-year bonds, RMB 1 billion seven-year bonds, RMB 1 billion 10-year bonds and RMB 1 billion 15-year bonds.

Each series of bonds will bear interest at the uniform annual issue interest rate for the relevant series determined through the competitive tender (i.e. the highest accepted interest rate for the relevant series), payable semiannually in arrears.

The coupon for each series of bonds will be set through a competitive tender, or at the highest accepted interest rate for the relevant series.

Each tender must be for an amount of RMB 500,000 or integral multiples thereof and the difference between any specified tender interest rates should be at least 0.01%, rounded to two decimal places.

The tender results will be published on the website of the Hong Kong Monetary Authority at hkma.gov.hk and the CMU Bond Price Bulletin at cmu.org.hk.

Bank of Communications Co., Ltd. Hong Kong Branch is the issuing and lodging agent.

Settlement is slated for June 29.

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