One of China’s big state-owned banks plans to step up financial inclusion lending with the proceeds of its latest bond issue.
China Construction Bank (CCB) recently announced the issuance of the “China Construction Bank 2021 Small and Micro-Enterprise Loan Special Finance Bond” (中国建设银行股份有限公司2021年小型微型企业贷款专项金融债券) on China’s interbank bond market, which finished on 26 January.
The bond is a three year fixed rate instrument with a coupon rate of 3.30%, and the issue was for 20 billion yuan (approx. USD$3.09 billion).
The proceeds from the issue will be used to make loans to Chinese small and micro-enterprises as approved by regulatory authorities. CCB said the issue was part of its “financial inclusion strategy, and a key step for expanding financing of small and micro-enterprises.”