On November 7, 2013, ABC International is honored to have acted as the Permanent Dealer in China Development Bank’s ("CDB") 4.5 billion offshore RMB notes, exceeding the planned issue size by RMB 1.5 billion thanks to overwhelming investor responses. The captioned transactions included three tranches: the 2-year RMB 1.9 billion floating-rate notes, the 5-year RMB 1.7 billion and the 15-year RMB 900 million fixed-rate notes.
As the first PRC financial institution approved to issue offshore RMB-denominated debt, CDB is pleased to lay the foundation for future rate instruments benchmarked against the CNH HIBOR rate. With the collective efforts of ABC international and other dealers, the key highlights of this transaction include: 1. the second largest transaction size achieved in 2013 next to Ministry of Finance of the PRC; 2. CDB became the first issuer to use CNH HIBOR as a benchmark for its 2-year floating rate note.
ABC International had brought in a number of real-money investor orders, from ASEAN countries to Hong Kong, Macau and Taiwan, ranging from central banks, commercial banks to asset managers.