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ICBC Will Sell Three Tranches of CDB Financial Bonds as of September 19
 

Industrial and Commercial Bank of China (ICBC) will simultaneously sell the ninth, eleventh and twelfth tranches of China Development Bank (CDB) financial bonds in 2018 to both individuals and non-financial institutions on September 19 and 20. Customers can subscribe for these three tranches of financial bonds through ICBC e-banking channels and business outlets. The e-banking channels provide around-the-clock services during the issue period.

It is reported that the ninth tranche of CDB financial bond in 2018 reissued for the fifth time in the over-the-counter (OTC) market is a one-year fixed-rate coupon bond. The par value is RMB100, coupon rate is 3.32%, reissuing price is RMB100.97 per RMB100 par value, and the reference yield to maturity corresponding to the reissuing price is 2.9093%. The twelfth tranche of CDB financial bond in 2018 reissued for the first time in the over-the-counter (OTC) market is a three-year fixed-rate coupon bond. The par value is RMB100, coupon rate is 3.68%, reissuing price is RMB100.12 per RMB100 par value, and the reference yield to maturity corresponding to the reissuing price is 3.6868%. The eleventh tranche of CDB financial bond in 2018 reissued for the third time in the OTC market is a five-year fixed-rate coupon bond. The par value is RMB100, coupon rate is 3.76%, reissuing price is RMB99.36 per RMB100 par value, and the reference yield to maturity corresponding to the reissuing price is 3.9946%. The value date, redemption arrangement, coupon rate, trading and custody methods are the same as those of the previous CDB bonds of the same tranche.

According to information, bonds reissue means that issuers make additional issuance of bonds that have already been traded in the market after initial issuance. The introduction of the reissuing 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 reissuing period, in order to properly manage their investment portfolios. Since CDB bonds were first offered over the counter of commercial banks in May 2014, ICBC has regularly issued 73 tranches of OTC CDB bonds.


(2018-09-19)
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