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在线翻译:
szdaily -> Business/Markets -> 
Bank the first to issue NCDs through bond connect
    2019-05-22  08:53    Shenzhen Daily

HANG Seng Bank (China) Ltd. has become the first overseas bank to issue negotiable certificates of deposit (NCDs), in which foreign institutional investors can invest directly in the primary NCD market through the bond connect program, the bank said in a statement yesterday.

Hang Seng China offers the one-year NCD, with a total value of 1.83 billion yuan (US$265 million), at an interest rate of 3.37 percent to both domestic and foreign institutional investors. To date, eight institutions have completed the subscription, including foreign commercial banks, overseas branches of domestic commercial banks, major State-owned banks, domestic joint-stock commercial banks, as well as securities brokerages in China.

“Direct NCD issuance to foreign institutional investors through bond connect reflects our country’s efforts of further opening up its financial sector,” said Ryan Song, vice chairman and chief executive of Hang Seng China. “It is also a significant step forward to strengthening economic ties and cooperation between the mainland and Hong Kong.”

Launched in 2017, the bond connect program is a mutual trading scheme between the bond markets on the Chinese mainland and Hong Kong. The currently commenced northbound trading allows foreign investors to directly invest in the China interbank bond market. In April, the bond connect program launched the NCD primary subscription service directly to foreign institutional investors.

(SD-Agencies)

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