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Markets· Bond

China Bond Daily News 09:50 BJT

CKN
minutes 2020/03/24 07:29:53
4,839
bond

Mar 24, 2020 (China Knowledge) - On the morning of Mar 24, China’s central bank announced that the total liquidity of the banking system is at a reasonable and abundant level, and no reverse repurchase operation will be conducted today.

On Mar 23, China’s national interbank interest rate options trading pilot was officially launched. On the first day of trial operation, a number of financial institutions, including Postal Savings Bank of China and Industrial Bank, reached a deal, covering LPR interest rate options and interest rate swap options.

On Mar 23, the federal reserve began buying corporate bonds and ABS, a crucial step in providing support to credit markets. At the same time, its previous introduction of quantitative easing (QE) to unlimited purchases, will accelerate the volume to provide liquidity support to the market.

Yesterday, the China Banking and Insurance Regulatory Commission approved overseas Wing Hang Bank (China) to issue financial bonds with a maturity of five years in the national interbank bond market of up to RMB 4 bln.

In order to regulate the transfer of matured defaulted bonds in the inter-bank market, the national interbank funding center issued the rules on Mar 24. It points out that participating institutions may not, within five working days, directly or indirectly reverse trade with the same counterparty in respect of the same underlying bond, except in the case of an anonymous auction.

On Mar 23, 2020, the wholly-owned domestic subsidiary of Shimao Real Estate (0813) successfully issued RMB 4.5 bln corporate bonds, with China Securities Cooperation as the lead underwriter and CICC as the co-lead underwriter. To be specific, the 5-year term (3+2) product is RMB 1.7 bln with a coupon rate of 3.23%. 7-years (5+2) product is RMB 2.8 bln, with a coupon rate of 3.90%.

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