BRICS New Development Bank issues RMB 3 billion of yuan-denominated bonds in China
Feb 28, 2019 (China Knowledge) - The Shanghai-based BRICS New Development Bank has issued RMB 3 billion worth of RMB-denominated bonds in China earlier this week, drawing the attention of more than 20 domestic and foreign financial institutions.
The bonds were issued in two tranches with maturities of 3 years and 5 years and coupon rates of between 2.9% to 3.5% and 3.2% to 3.8% respectively.
The bank which was founded by the BRICS member countries in July 2015 provides funding for infrastructure construction and sustainable development projects in the BRICS nations and other emerging economies and developing countries.
This latest issuance represents the banks second issuance of RMB-denominated bonds in China after it issued RMB 3 billion worth of green financing bonds in 2016 with a five-year term, which also remains as the bank’s only outstanding liability.
The BRICS New Development Bank remains eager to continue issuing financial products denominated in the local currencies of its member nations and has already started the process of issuing bonds in some countries where it now only needs regulatory approval to commence its issuance.
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