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China Will Offer 23 Billion Yuan of Bonds in Hong Kong This Year

June 9 (Bloomberg) -- China will offer 23 billion yuan ($3.8 billion) of sovereign bonds for sale in Hong Kong this year, a move that the city said will boost yuan-denominated fixed income products for investors including pension funds.

The Finance Ministry will offer 13 billion yuan of bonds June 26 and 10 billion yuan more in the second half, the Beijing-based ministry said on its website today. The issuance offers bonds with a 30-year tenor to institutional investors for the first time, Hong Kong Financial Secretary John Tsang said.

Ten billion yuan of the bonds issued this month will be sold to institutional investors, with the rest going to foreign central banks and monetary authorities, China’s Finance Ministry said. The bonds being sold in the second half will go to institutional and retail investors, it said.

The move announced today marks the fifth consecutive year that China’s Finance Ministry will sell yuan-denominated sovereign bonds in Hong Kong, Tsang said, according to a statement released by his office.

“This demonstrates clearly the Central Government’s determination to make the issuance of RMB sovereign bonds to be a long-term institutional arrangement in Hong Kong,” Tsang said.

To contact the reporter on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net

To contact the editor responsible for this story: Stanley James at sjames8@bloomberg.net

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