ePrime Northbound Subscription Service Facilitates the Crossborder Subscription of Crédit Agricole S.A. 2023 Renminbi Bonds (Series 1)
21 July 2023
ePrime Northbound Subscription Service supported offshore investors’ crossborder subscription of Crédit Agricole S.A.’s (the Issuer) RMB 1 billion 3-year 2023 Renminbi Bonds (Series 1), which was issued on 12 July and priced at a 2.95% yield. The seamless and digital connectivity actualized between ePrime and the Bond Issuance, Underwriting and Distribution system of CFETS (iDeal) allowed offshore investors to complete their subscriptions successfully, which encompassed order placement, allocations, and the generation of confirmation tickets.
According to the offering circular, no less than 60% of the net proceeds will be retained in Renminbi and used onshore to support the Issuer’s and its subsidiaries’ business activities and development in the People’s Republic of China.
Mr. Hu Kun, General Manager of Investment Banking Department, Bank of China Limited, commented, “As one of the most active issuers among financial institutions in the panda bond market, this issuance marks Crédit Agricole S.A.’s fifth panda bond deal for which the final coupon rate was the lowest among its issuances. It is a great honor for Bank of China to participate as the lead underwriter in this issuance and contribute to more than 40% of its subscriptions. With the support of CFETS and BCCL, offshore investors were able to actively participate in this deal through the linkage between iDeal and ePrime. As the opening-up of the China bond market steadily progresses, we look forward to welcoming more foreign investors’ engagement.”
Mr. Tony Wang, General Manager of BCCL, commented, “This issuance shows the growing traction of panda bonds among offshore investors in recent months. We are happy to act as a convenient bridge to meet that demand from a crossborder perspective and to maximize our users’ experience by providing an efficient subscription platform.”
In collaboration with CFETS and launched in October 2020, ePrime is an electronic solution for the primary bond market that spans across issuers, underwriters and investors specialized in the China cross-border workflow. It has two components to cater for issuance and subscription applications: ePrime Issuance Service and ePrime Northbound Primary Service.
ePrime Northbound Primary Service allows international investors to participate in the Northbound subscription of CIBM new issuances with onshore underwriters through the connectivity between ePrime and iDeal. It supports the crossborder subscription of various types of bonds, such as CGBs, PFBs, green financial bonds, MTNs, CP/SCPs etc, with 51 international investors onboarded.
Please contact us at eprime@chinabondconnect.com / (852) 2327 0398 for enquiries.
According to the offering circular, no less than 60% of the net proceeds will be retained in Renminbi and used onshore to support the Issuer’s and its subsidiaries’ business activities and development in the People’s Republic of China.
Mr. Hu Kun, General Manager of Investment Banking Department, Bank of China Limited, commented, “As one of the most active issuers among financial institutions in the panda bond market, this issuance marks Crédit Agricole S.A.’s fifth panda bond deal for which the final coupon rate was the lowest among its issuances. It is a great honor for Bank of China to participate as the lead underwriter in this issuance and contribute to more than 40% of its subscriptions. With the support of CFETS and BCCL, offshore investors were able to actively participate in this deal through the linkage between iDeal and ePrime. As the opening-up of the China bond market steadily progresses, we look forward to welcoming more foreign investors’ engagement.”
Mr. Tony Wang, General Manager of BCCL, commented, “This issuance shows the growing traction of panda bonds among offshore investors in recent months. We are happy to act as a convenient bridge to meet that demand from a crossborder perspective and to maximize our users’ experience by providing an efficient subscription platform.”
In collaboration with CFETS and launched in October 2020, ePrime is an electronic solution for the primary bond market that spans across issuers, underwriters and investors specialized in the China cross-border workflow. It has two components to cater for issuance and subscription applications: ePrime Issuance Service and ePrime Northbound Primary Service.
ePrime Northbound Primary Service allows international investors to participate in the Northbound subscription of CIBM new issuances with onshore underwriters through the connectivity between ePrime and iDeal. It supports the crossborder subscription of various types of bonds, such as CGBs, PFBs, green financial bonds, MTNs, CP/SCPs etc, with 51 international investors onboarded.
Please contact us at eprime@chinabondconnect.com / (852) 2327 0398 for enquiries.
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Disclaimer: This document is prepared by Bond Connect Company Limited and is for general information purposes only. It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. It is not directed at, nor is it intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to the applicable law, regulation or regulatory requirement, or which would subject us Bond Connect Company Limited, or any of our affiliates, to any licensing or regulatory requirement in such jurisdiction or country. Neither we nor any of our affiliates (i) guarantee the accuracy, validity, timeliness, completeness or correctness of any such information or data and (ii) accept any responsibility in that connection, or any liability for any direct or indirect loss or damage arising from the use of or reliance on any such information or data.
This document does not constitute a prospectus, an offer or an invitation to subscribe any securities or bonds, or a recommendation in relation to any securities or bonds. Investors should note investment involves risk and past performance is not indicative of future results. Investors should refer to the offering circulars of the bonds for further details including risk factors, in particular those associated with investment in emerging markets.
Disclaimer: This document is prepared by Bond Connect Company Limited and is for general information purposes only. It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. It is not directed at, nor is it intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to the applicable law, regulation or regulatory requirement, or which would subject us Bond Connect Company Limited, or any of our affiliates, to any licensing or regulatory requirement in such jurisdiction or country. Neither we nor any of our affiliates (i) guarantee the accuracy, validity, timeliness, completeness or correctness of any such information or data and (ii) accept any responsibility in that connection, or any liability for any direct or indirect loss or damage arising from the use of or reliance on any such information or data.
This document does not constitute a prospectus, an offer or an invitation to subscribe any securities or bonds, or a recommendation in relation to any securities or bonds. Investors should note investment involves risk and past performance is not indicative of future results. Investors should refer to the offering circulars of the bonds for further details including risk factors, in particular those associated with investment in emerging markets.