HONG KONG, Nov 19 (IFR) - China Construction Bank Asia is marketing two-year benchmark-sized Dim Sum bonds in the 4.125 percent area, as part of broader offshore renminbi financing efforts by China Construction Bank’s subsidiaries.
The Reg S, senior unsecured bonds will list in Hong Kong and the Bursa Malaysia under English law.
CCB Asia, CCB International, CIMB and HSBC are joint bookrunners and joint lead managers. CCB Singapore and Bank of China Hong Kong are joint lead managers.
The bonds are expected to be rated A2 from Moody’s.
The last Dim Sum bond to list in Malaysia was from Cagamas in September 2014.
Meanwhile, CCB’s Singapore branch is establishing an offshore renminbi MTN programme to be listed in the city state.
The programme is subject to internal approval.
DBS Bank is handling the related work.
People familiar with the development say that CCB Singapore is interested in issuing offshore renminbi bonds after watching rival banks do the same. (Reporting By Spencer Anderson; Editing by Vincent Baby and Daniel Stanton)