国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Govt to offer 6b yuan in bond issue

Updated: 2009-09-29 08:01

(HK Edition)

  Print Mail Large Medium  Small

HONG KONG: The central government is launching a sale of 6 billion yuan ($879 million) worth of bonds in Hong Kong, offering a higher coupon than available on the mainland to ensure the success of its first such issuance in the city.

The Ministry of Finance plans to sell five-year bonds with 3.30 percent coupon, three-year securities at 2.70 percent and two-year debt at 2.25 percent, according to a press release by the Bank of Communications Ltd and Bank of China Ltd, the lead managers. Similar yields on the mainland market at the end of last week were 2.94, 2.31 and 1.82, respectively.

"I believe the safer and more stable yuan bonds will be popular among Hong Kong investors," Vice Finance Minister Li Yong said in a ceremony that started the sale. "I believe the yuan bond market will continue to develop and it will develop very quickly."

The government said this month that the debt sale is designed to help elevate the "international status" of the yuan, after Premier Wen Jiabao said in March that he is worried about the prospects for the dollar as a reserve currency. Speculation that the yuan will appreciate prompted deposits at the city's banks to rise to 56 billion yuan at the end of July, the most this year.

"There's a local pool of yuan savings and the city's people expect the yuan to appreciate; so it's natural to have demand here," said Dariusz Kowalczyk, chief investment strategist at SJS Markets Ltd in Hong Kong.

The result of the sale will be announced on October 22, with the issue date set for October 27.

"We were very cautious about pricing," Li said. "We took into consideration all factors to decide the interest rates and the quantity of debt to sell. It will have very limited impact on the overall yuan bond market."

At least 2 billion yuan of two- and three-year notes will be sold to individual investors in denominations of 10,000 yuan, according to the ministry. The five-year debt will be offered only to institutional funds.

Government debt may prove popular after the failure of Lehman Brothers Holdings Inc a year ago led to losses on so-called minibonds that were backed by the US bank, said Tse Kwok Leung, head of economic research at the Bank of China's Hong Kong branch. The yields compared with the 0.8 percent interest on offer for one-year Hong Kong dollar deposits in the city.

Bank of East Asia Ltd and HSBC Holdings Plc's mainland unit have sold yuan bonds in Hong Kong this year. Two-year notes issued by HSBC, Europe's biggest bank, yielded 2.55 percent at the end of last week, according to data from the Treasury Markets Association.

The People's Bank of China in July approved a trial program for the currency to be used to settle cross-border trade with Hong Kong.

Bloomberg News

(HK Edition 09/29/2009 page4)

建瓯市| 山丹县| 阳曲县| 太仓市| 霍邱县| 长乐市| 广灵县| 印江| 安多县| 天柱县| 望城县| 株洲县| 永安市| 朝阳区| 贡嘎县| 崇阳县| 苏尼特右旗| 清新县| 双城市| 广南县| 凤阳县| 泾源县| 封丘县| 峨边| 钟山县| 石家庄市| 都匀市| 九台市| 定安县| 龙胜| 新郑市| 噶尔县| 临海市| 马龙县| 巴彦淖尔市| 永德县| 长春市| 辰溪县| 基隆市| 广昌县| 揭东县|