Standard Chartered Bank (Hong Kong) has launched a renminbi (RMB) corporate bond for the bank’s multinational corporate client McDonald’s Corporation. It is the first ever RMB bond launched for a foreign multinational corporate in the Hong Kong debt capital market, signifying the commencement of a new funding channel for international companies to raise working capital for their China operations. It is also a significant contribution to the development of the off-shore RMB debt capital market in Hong Kong.
The RMB200m 3% notes, due September 2013, was targeted at institutional investors. The bond offering generated good investor interest for its high credit quality, name recognition and rarity value.
“Following on Standard Chartered’s introduction of RMB-denominated structured investments, we are now pleased to be unveiling a RMB bond offering by a globally-recognised household name,” said Sundeep Bhandari, Standard Chartered’s regional head of global markets, northeast Asia. “This transaction reinforces Standard Chartered’s position as a key player in the development of RMB business – helping to establish and solidify Hong Kong’s status as an RMB offshore centre.”
The bonds have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the US absent registration or an applicable exemption from the registration requirements of the Act.
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