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ICBC Re-issues CDB Financial Bonds on November 29

ICBC re-issues the 11th China Development Bank (CDB) financial bonds of 2017 via both ICBC e-banking channels and domestic outlets to individuals and non-financial institutional customers from November 29 to December 5 (business days only).

The above said re-issuance is the second re-issuance of the 2017 11th tranche of CDB financial bond, a 1-year fixed-rate coupon bond, known as 17CDB11. The bond code is 170211 and the face value is RMB100. With a coupon rate of 3.83%, its value date, redemption arrangement, coupon rate as well as methods of trading and custody are the same with the previously issued CDB bonds over the same period. Pricing at RMB100.08/RMB100, it has a yield-to-maturity rate of 4.3008% for reference. Customers can subscribe for the re-issued bonds via both ICBC e-banking channels and outlets, of which the e-banking channels provide around-the-clock services during the issuance period.

An ICBC official said that the re-issuing mechanism for OTC CDB bonds will bring the OTC market closer to issuance rules of the inter-bank market and improve bond liquidity. Customers can seize the market opportunity to re-subscribe bonds already held during re-issuance period for investment purpose. Since CDB bonds were sold via counters of commercial banks for the first time in May 2014, ICBC has distributed 28 tranches of OTC CDB bonds on a regular basis. The issuance and re-issuance of OTC CDB bonds reflects the increasingly important role of commercial bank OTC bond market in bond distribution, carrying strong significance in expanding financing channels, reducing financing cost and building a multi-layer bond market system.