China completes sale of 16 bln yuan bonds in Hong Kong

HONG KONG Wed May 21, 2014 1:23am EDT

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HONG KONG May 19 (Reuters) - China sold 16 billion yuan of yuan-denominated offshore bonds in Hong Kong on Wednesday, as investors scrambled to buy quality debt despite broader concerns of a slowing economy.

Bonds of various tenors were offered, but the largest amount sold was 7 billion yuan of three-year bonds at 2.53 pct, the Ministry of Finance said on its website, in line with expectations and lower than in a previous auction last year.

The MOF will issue a total of 28 billion yuan in offshore yuan bonds this year, the highest level since it first tapped the dim sum market in 2009.

The first batch of sales on Wednesday were made to institutional investors, foreign central banks and regional monetary authorities. (Reporting by Michelle Chen; Editing by Simon Cameron-Moore)

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