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StanChart plans 1 bln yuan bond in Taiwan -sources
June 19, 2013 / 4:26 AM / 4 years ago

StanChart plans 1 bln yuan bond in Taiwan -sources

TAIPEI, June 19 (Reuters) - Standard Chartered is planning to sell a 1 billion yuan bond in Taiwan, two brokerage sources familiar with the matter said on Wednesday, in the second such bond to be issued by a global bank.

The Asia-focused bank is set to apply for approval for the issue from Taiwan regulators later this month, targeting retail investors, the sources said, who asked not be identified as the matter is yet to be public.

A StanChart official in Taipei declined to comment when asked by Reuters.

The three-year issue would be the second following Deutsche Bank, which priced a 1 billion yuan ($163.2 million)bond at a 2.45 percent coupon rate earlier in June. .

China and Taiwan signed an agreement in September for the establishment of a clearing system for yuan transactions on the island, setting the stage for local and foreign banks to launch yuan bonds.

The yuan bonds, dubbed “Formosa Bonds” in Taiwan, are the equivalent of Hong Kong’s dim sum bonds.

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