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1st US$2b bond issue in 13 years

THE Ministry of Finance said yesterday it plans to issue US dollar-denominated sovereign bonds worth US$2 billion in Hong Kong, the first such sale in 13 years.

It is ready to sell US$1 billion worth of five-year notes and US$1 billion in 10-year notes in the near future, the ministry said.

The specific date will be released ahead of the issuance, the ministry added.

This is the first time that the ministry will issue dollar-denominated sovereign bonds in Hong Kong, which will offer a pricing benchmark for mainland businesses’ bond sales overseas, according to Shen Jianguang, chief economist with Mizuho Securities Asia Limited.

The sovereign bonds will be listed and traded at the Stock Exchange of Hong Kong after the official launch.

This will also be China’s first US-dollar sovereign bond sale since October 2004.

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