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| No.10 October, 2010 |
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Issuance of Renminbi Bonds by International Financial Institutions |
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 Hong Kong's Renminbi bond market has been given a boost with two new institutions joining the growing list of issuers.
Hong Kong Monetary Authority (HKMA)'s Chief Executive, Mr Norman Chan, welcomed the announcements earlier this month by the Asian Development Bank (ADB) and the International Finance Corporation (IFC) of the World Bank Group on their issuance of Renminbi bonds in Hong Kong.
"These issuances will not only add top quality issuers in Hong Kong's Renminbi bond market, but also demonstrate the importance attached by international financial institutions to the development of an offshore Renminbi platform in Hong Kong and their interest in using Hong Kong to raise Renminbi funding," Mr Chan said.
The issuance of Renminbi bonds by the ADB and the IFC help expand the depth and breadth of the Renminbi bond market in Hong Kong.
The ADB 10-year issue is the longest tenor Renminbi bonds issued in Hong Kong. On the other hand, the IFC has launched an on-going Renminbi bond programme for the purpose of financing projects in China.
The HKMA will continue to work closely with the two institutions to facilitate the launch of these bond issues, he added.
The Renminbi bond market was launch in 2007 as part of the on-going efforts to develop Renminbi business in Hong Kong. The amount of bond issuance has increased over the years, from RMB 10 billion yuan in 2007, RMB 12 billion yuan in 2008, to RMB 16 billion in 2009.
The range of issuers has also expanded over time, from mainland financial institutions, their subsidiaries in the mainland and Hong Kong to multinational corporations and international financial institutions this year.
To date, apart from the Ministry of Finance, the issuers that have issued or launched Renminbi bonds in Hong Kong include: the China Development Bank, China Export and Import Bank, Bank of China, Bank of Communications, China Construction Bank, HSBC (China), Bank of East Asia (China), Hopewell Highway Infrastructure Limited, McDonald's, ADB and IFC.
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