UK finance ministry says takes orders for first renminbi bond
Reuters
Published Oct 14, 2014 08:50
UK finance ministry says takes orders for first renminbi bond
LONDON (Reuters) - Britain began to take orders for its first government bond denominated in renminbi on Tuesday, after finance minister George Osborne announced plans for the issuance last month.
The finance ministry said in September that the three-year bond was likely to have a size of around 2 billion yuan (203.23 million pounds), and would be used to finance Britain's foreign reserves.
An investor presentation on Monday suggested that Britain expected the bond - the first from a Western government - would offer a yield of around 2.7 percent.
"Further details of the transaction will be announced once the issuance process is complete," a ministry spokesman said.
Bank of China (SS:601988), HSBC (L:HSBA) and Standard Chartered (L:STAN) are leading the syndication of the bond.
(Reporting by David Milliken; Editing by Alison Williams)
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Written By: Reuters
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