One of China’s big three policy banks has led a bond issue to support the recovery of the Shanghai economy, as the city eases the Covid-19 lockdowns first instituted at the start of April.
Export-Import Bank of China (Exim Bank) recently issued 5 billion yuan in financial bonds on China’s interbank bond market to support the resumption of work and production by businesses in Shanghai.
The bonds have a term of one year and an issue rate of 1.79%, which is 16 basis points lower than the market interest rate for the same period.
According to regulators the issue was 4.62-times oversubscribed, with funds raised by the issue to be used to support the resumption of economic activity in Shanghai.
