South Korea to issue 3 billion yuan sovereign bonds in China
[BEIJING] South Korea expects its planned yuan-denominated sovereign bond issuance in China to be made during next week, a finance ministry official said soon after China's central bank approved the 3 billion yuan (S$658 million) sale on Tuesday.
The finance ministry said in a statement South Korea would be the first country to issue yuan-denominated sovereign bonds in China, with Beijing pushing to open its capital markets more widely. "It will likely be made during next week," Song In-chang, head of the South Korean finance ministry's international finance policy bureau, said following the People's Bank of China approval of the planned issuance.
The ministry's statement said road shows would be held in Shanghai and Beijing from Dec 9-11.
Reuters first reported on Monday that China was expected to approve South Korea's planned yuan-denominated onshore Panda bonds.
China is South Korea's largest trade partner, and the two have struck a free trade agreement to boost trade and investment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
ADB agrees to US$5 billion funds replenishment with donors
Dollar drops as employers add fewer jobs than expected in April
HSBC has no plans to dispose of further businesses, chairman says
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Danske’s net income rises 9% helped by higher interest rates