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ICBC Will Sell Five Tranches of CDB Financial Bonds as of February 20
 

Industrial and Commercial Bank of China (ICBC) will simultaneously sell the first, third and fifth tranches of China Development Bank (CDB) financial bonds in 2019 to both individuals and non-financial institutions on February 20 and 21. ICBC will simultaneously sell the second and fourth tranches of CDB financial bond in 2019 to both individuals and non-financial institutions on February 22 and 25. Customers can subscribe for these five tranches of financial bonds through ICBC e-banking channels and business outlets. The e-banking channels provide 24-hour uninterrupted services during the issue period.

It is reported that the first tranche of CDB financial bond in 2019 reissued for the third time in the over-the-counter (OTC) market is a one-year fixed-rate coupon bond. The par value is RMB100 and coupon rate is 2.54%, reissue price is RMB100.53 per RMB100 par value, and the reference yield to maturity corresponding to the reissued price is 2.2806%. The third tranche of CDB financial bond in 2019 reissued for the first time in the OTC market is a five-year fixed-rate coupon bond. The par value is RMB100 and coupon rate is 3.30%, reissue price is RMB100.28 per RMB100 par value, and the reference yield to maturity corresponding to the reissued price is 3.2793%. The fifth tranche of CDB financial bond in 2019 reissued for the third time in the OTC market is a ten-year fixed-rate coupon bond. The par value is RMB100, coupon rate is 3.48%, reissue price is RMB99.60 per RMB100 par value, and the reference yield to maturity corresponding to the reissued price is 3.5803%. The second tranche of CDB financial bond in 2019 reissued for the second time in the OTC market is a three-year fixed-rate coupon bond. The par value is RMB100, coupon rate is 3.03%, and the reissue price and the reference yield to maturity corresponding to the reissued price will be determined by bidding in the interbank market on February 21. The fourth tranche of CDB financial bond in 2019 newly issued in the OTC market is a seven-year fixed-rate coupon bond. The par value is RMB100, the issue price is RMB100.00 per RMB100 par value, and the coupon rate will be determined by bidding in the interbank market on February 21.The value date, redemption arrangement, coupon rate, trading and custody methods are the same as those of the previous CDB bond of the same tranche.

Bond reissue means that issuers make additional issue of bonds that have already been traded in the market after initial issue. The introduction of the reissue mechanism for OTC CDB bonds will make the OTC market more tailored to the issue rules of the interbank market and increase the bond liquidity. Customers can grasp the market opportunity to re-subscribe for the bonds they already hold during the reissue period, in order to properly manage their investment portfolios.


(2019-02-20)
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