HSBC China launches Floating Rate Bond renminbi in Hong Kong

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HSBC Bank (China), the first floating rate bond renminbi to the institutional investors in the Hong Kong Special Administrative Region. The two-year RMB floating rate bond has a total size of issue RMB 1 billion and with a coupon of three-month Shanghai Interbank Offered Rate (Shibor), up 38 basis points and is payable quarterly. The Hongkong and Shanghai Banking Corporation acted as sole book-runner for this transaction. Vincent Cheng, Chairman, HSBC Bank (China), said: “While HSBC China is extremely liquid and strongly capitalised, through this bond issue we seek to support the development of Hong Kong's RMB market and to help establish a representative pricing benchmark.” Anita Fung, Treasurer and Head of Global Markets, Asia Pacific, HSBC, said: “We are delighted to see the first RMB floating rate bond offered in Hong Kong. It is important for us to be able to introduce new products to the market that provide market participants with new tools and vehicles to manage their portfolio risk.” Comments Please login to post comments or replies.