Corporate digest

DBS Bank

DBS Bank has completed a one billion yuan (S$202 million) bond deal for its client Chongqing Grain Group, a Chinese agri-commodities firm. DBS said it was the first time a Chongqing corporate has issued offshore renminbi bonds in Singapore and is able to repatriate the funds raised in full.

The three-year bond is priced at 4.02 per cent, with an irrevocable renminbi-denominated standby letter of credit by the Agricultural Bank of China. The order book reached more than nine billion yuan from about 100 investors.