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Singapore Exchange (SGX) welcomes the listing of Hainan Airlines’ 1.7 billion RMB (S$341 million) bond with a coupon at 6.25% maturing on 22 May 2017. This is the first corporate Renminbi (RMB) bond, which will be listed on 23 May 2014, to be cleared in Singapore and deposited with SGX’s Central Depository (CDP).
Chen Jun, Assistant General Manager, Hainan Airlines Co., Ltd, said: “We are pleased to celebrate this significant occasion. As one of the leading airlines in China, we are committed to expanding our business, both domestic and international. We are confident that by bringing this transaction to Singapore with the help of our relationship banks, it can help enhance our brand awareness outside of the Greater China region.”
Zhang Weiwu, General Manager of Industrial and Commercial Bank of China’s (ICBC) Singapore branch, said: “This transaction is a significant milestone for both the Issuer and Singapore; ICBC is proud to have played a leading role in the issue and is committed to help enhance Singapore’s status as an offshore RMB hub.”
Lawrence Wong, Head of Listings at SGX, said: “The listing of Hainan Airlines Bond further advances Singapore’s position as an offshore RMB hub with both its clearing and depository functions based in Singapore. This demonstrates issuers’ trust in our market. We look forward to more issuers and investors participating in our RMB market on SGX as we expand our RMB and China-related products and services.”
SGX offers listing, quotation, trading, clearing and settlement of RMB-denominated securities and listing and depository of offshore RMB bonds. SGX is a leading listing venue for international debt securities in Asia Pacific in 20 currencies, including RMB denominated bonds.
