China’s policy banks are on track to issue 16 billion yuan in bonds to raise funds for combating the spread of the coronavirus.
On 5 February the Agricultural Development Bank of China (ADBC) issued 5 billion yuan in bonds for combating the spread of the coronavirus, with a coupon rate of 1.8833%.
China’s two other policy banks – the China Development Bank (CBD)and Exim Bank of China (Chexim) are set to issue a further 8 billion and 3 billion yuan in coronavirus bonds respectively on 6 February, bringing the total issuance to 16 billion yuan (approx. USD$2.29 billion).
ABDC issued the 5 billion yuan in anti-coronavirus bonds via open bidding at China Central Depository & Clearing in Beijing. The bonds have a maturity of one year, and were 13.41 times oversubscribed.