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Standard Chartered's Hong Kong unit to sell panda bonds of 1 billion yuan

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Standard Chartered Bank (Hong Kong) is to issue three-year Panda notes of 1 billion renminbi (S$220.5 million) on December 7 to become the third offshore commercial lender to tap the China bond market.

[HONG KONG] Standard Chartered Bank (Hong Kong) is to issue three-year Panda notes of 1 billion renminbi (S$220.5 million) on December 7 to become the third offshore commercial lender to tap the China bond market.

Shanghai Brilliance Credit Rating & Investors Service Co has assigned AAA ratings to both the issuer and the bonds.

CITIC Securities is the lead underwriter and bookrunner on the issuance, with Standard Chartered Bank (China), Bank of China as co-underwriters and co-bookrunners.

Underwriters also include Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of Communications, China Development Bank, Guotai Junan Securities, China International Capital and Haitong Securities.

sentifi.com

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Standard Chartered (Hong Kong) intends to use the proceeds for its offshore business.

In late September, Bank of China (Hong Kong) and HSBC each issued three-year notes of 1 billion renminbi at 3.5 per cent in the PRC's interbank bond market.

REUTERS

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