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HSBC to issue US$146m yuan-backed bonds
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HSBC Bank (China) Co will issue at least US$146 million of yuan-backed bonds to retail investors in Hong Kong, the bank said yesterday.

The two-year bonds will have a yearly coupon rate of 2.6 percent that is payable each half year. Subscriptions will be accepted in Hong Kong from today until September 4 at 19 banks in the special administrative region.

"Following HSBC China's 1 billion yuan bond issue to institutional investors in Hong Kong in June, we are pleased to issue the retail tranche as we continue to see a demand from retail investors. The two tranches will give all investors in Hong Kong an opportunity to invest in different yuan investment products," Richard Yorke, president and chief executive officer of HSBC China, said in a statement yesterday.

The proceeds will be used to further expand the bank's business on China's mainland.

HSBC China plans to increase its network to about 100 branches by the end of this year.

The bank now has 89 outlets on the Chinese mainland.

Vincent Cheng, chairman of HSBC China, said the yuan-denominated bonds also pave the way for the future internationalization of the currency.

HSBC China issued 1 billion yuan of yuan-denominated bonds in Hong Kong to institutional investors in June. Those bonds sold out on the first day of subscription.

(Shanghai Daily August 18, 2009)

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