ePrime Congratulates People’s Government of Hainan Province of the People’s Republic of China on the Successful Issuance of Offshore RMB Local Government Bonds
23 October 2024
ePrime Issuance Service congratulates People’s Government of Hainan Province of the People’s Republic of China (hereinafter referred to as "Hainan People’s Government”) on the successful issuance of 3, 5 and 10 year offshore RMB local government bonds totaling RMB 3 billion on 17 October 2024, with RMB 1 billion issued on each tranche. The issue yield for the 3-year tranche (Sustainability Bonds) was at 2.07%, 5-year at 2.15%; and 10-year (Blue Bonds) at 2.45%. The main participating institutions in this bond issuance completed bookbuilding, order allocation, and pricing smoothly through ePrime Issuance Service.
This bond issuance followed international market practice and received widespread attention from investors from Europe and Asia including funds, commercial banks, investment banks, securities companies, and asset management companies, etc. The orderbook reached a peak of RMB 36 billion, representing 12 times the issue size. The 10-year tranche marks the first offshore blue bonds issued by Hainan People's Government and received active subscription from investors, demonstrating confidence in the development of the marine economy and Free Trade Port in Hainan Province from international capital markets.
This is the third offshore issuance in Hong Kong by Hainan People’s Government, after the successful issuance of the first blue bonds, sustainability bonds, and biodiversity-themed green bonds by a local government issuer in 2022 and 2023. The issuance will also utilize multi-functional free trade accounts (EF Account) for settlement, realizing the application of EF Account in cross-border capital flows, further promoting capital market pilot reforms for Hainan Province.
This also marks the first offshore bond issuance by a local government that conducted bookbuilding on ePrime Issuance Service and represents a significant milestone for BCCL’s partnership with Hainan People’s Government in overseas bond issuance. ePrime Issuance Service is committed to continuously enhancing the overall efficiency in the bookbuilding process for offshore bond issuance and will continue to support more local governments in offshore bond issuances.
In collaboration with CFETS and launched in 2020, ePrime is an electronic solution for the primary bond market across the issuers, underwriters and investors specialized in the China cross-border workflow. It has two components to cater issuance and subscription applications: ePrime Issuance Service and ePrime Northbound Subscription Service.
ePrime Issuance Service offers a platform for issuing, primary book building, pricing and allocation for offshore securities including US dollar-denominated bonds, Renminbi bonds, Hong Kong dollar bonds and other currencies. It has successfully supported various issuances from policy banks and commercial banks and onboarded 35 offshore underwriters.
This bond issuance followed international market practice and received widespread attention from investors from Europe and Asia including funds, commercial banks, investment banks, securities companies, and asset management companies, etc. The orderbook reached a peak of RMB 36 billion, representing 12 times the issue size. The 10-year tranche marks the first offshore blue bonds issued by Hainan People's Government and received active subscription from investors, demonstrating confidence in the development of the marine economy and Free Trade Port in Hainan Province from international capital markets.
This is the third offshore issuance in Hong Kong by Hainan People’s Government, after the successful issuance of the first blue bonds, sustainability bonds, and biodiversity-themed green bonds by a local government issuer in 2022 and 2023. The issuance will also utilize multi-functional free trade accounts (EF Account) for settlement, realizing the application of EF Account in cross-border capital flows, further promoting capital market pilot reforms for Hainan Province.
This also marks the first offshore bond issuance by a local government that conducted bookbuilding on ePrime Issuance Service and represents a significant milestone for BCCL’s partnership with Hainan People’s Government in overseas bond issuance. ePrime Issuance Service is committed to continuously enhancing the overall efficiency in the bookbuilding process for offshore bond issuance and will continue to support more local governments in offshore bond issuances.
In collaboration with CFETS and launched in 2020, ePrime is an electronic solution for the primary bond market across the issuers, underwriters and investors specialized in the China cross-border workflow. It has two components to cater issuance and subscription applications: ePrime Issuance Service and ePrime Northbound Subscription Service.
ePrime Issuance Service offers a platform for issuing, primary book building, pricing and allocation for offshore securities including US dollar-denominated bonds, Renminbi bonds, Hong Kong dollar bonds and other currencies. It has successfully supported various issuances from policy banks and commercial banks and onboarded 35 offshore underwriters.
Please contact us at eprime@chinabondconnect.com / (852) 2327 0398 for enquiries.
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