SGX Lists Domestic Bonds of China Development Bank

Singapore Exchange announced today that it has listed onshore bonds of China Development Bank, one of the leading state-backed financial institutions in Mainland China. This is the first time RMB bonds of a Chinese financial company listed on SGX.

According to the official press release shared with Finance Magnates, a total of 6 onshore (fixed rate) financial bonds of China Development Bank (CDB) across different tenors of 1, 3, 5, 7, 10, and 20 years are being listed on the exchange.

Founded in 1994, CDB has positioned itself as the biggest Chinese bank specialising in medium- to long-term lending and bond issuance. According to the latest data, the bank has issued bonds worth approximately RMB 20 trillion since its establishment.

Commenting on the recent listing, Loh Boon Chye, Chief Executive Officer of SGX, said: “We are delighted to welcome CDB’s onshore RMB bond on the SGX platform. Today’s listing marks another milestone in three decades of strong bilateral ties between Singapore and China, and we are excited at the tremendous opportunities to grow this partnership, bridging financial markets in China and Singapore, and jointly serving issuers and investors globally.”

Chinese Financial Markets

In recent years, China has made significant progress to increase the international exposure of its financial markets. The onshore bond listing marks another step towards internationalisation through innovative financial products. “This is a symbolic representation of CDB’s yield curve in the global bond market and underpins the continued momentum in the development and internationalisation of China’s financial markets,” the official press release states.

“This year marks the 30th anniversary of strong bilateral ties between China and Singapore. The listing of China Development Bank’s bonds on SGX further broadens our channels for promoting CDB bonds overseas, and supports our engagement with Singapore and global investors. It also strengthens the connectivity between the financial markets in China and Singapore,” a representative of the Treasury department of China Development Bank said in a statement.

Finance Magnates earlier reported about the cancellation of a $3 billion digital bond listing by China Construction Bank.