GUANGDONG Province on Tuesday issued offshore municipal government bond in the Macao Special Administrative Region (SAR), marking the first mainland municipal government bond issued in the SAR.

The bond was offered to institutional investors with an issuance size of 2.2 billion yuan (US$341.2 million), a tenor of three years and an interest rate of 2.68 percent.

The SAR government said the bond has provided local and other institutional investors with more investment options, as well as opportunities to participate in the economic development of Guangdong.

Hailing it as a new breakthrough for the Guangdong-Macao cross-boundary financial cooperation, the SAR government said the issuance will also deepen and broaden the scope of Macao’s bond market, reinforce the stable development of the local bond market, promote the internationalization of the Chinese currency renminbi, and further enrich the range of renminbi financial products available in Macao’s offshore market.

(Xinhua)