HSBC auctioned 1 billion yuan worth of RMB-denominated bonds on the domestic interbank bond market on Tuesday, marking the first batch of international commercial banks which issue bonds in the onshore market.
According to the HSBC, the bonds bear a maturity of three years, with the coupon rate standing at 3.5 percent. China Cheng Xin International Credit Rating Co. has granted AAA credit rating to the bonds. HSBC Bank (China) and CITIC Securities serve as joint leading underwriters and joint bookrunners.
"The successful auction not only shows investors' confidence on this batch of bonds, but also explores a new financing channel for overseas financial institutions," said Huang Bijuan, president of HSBC China.
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