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Chongqing Rural Commercial Bank eyes up to RMB 500 million of Singapore green bonds
By Rebecca Melvin
New York, Sept. 30 – Chongqing Rural Commercial Bank Co. Ltd. plans to issue up to RMB 500 million of green bonds in Singapore between 2020 and 2022, according to the company’s communication to shareholders, filed with the Hong Kong Exchange and Clearing Ltd. and the Stock Exchange of Hong King Ltd.
The bonds, to be issued in one or more tranches, will not be more than three years duration and will be denominated in either renminbi or U.S. dollars.
If the issuance is denominated in renminbi, the coupon it expected to be 3˝%. If the issuance is in dollars, the coupon rate is expected to be 3%.
The total annualized cost of a dollar issue would be about 5.4% in contrast to about 4.4% for a renminbi-denominated bond, the company said.
The proceeds would be used to support sustainable green industries such as low-emission traffic, energy efficiency improvement and water resources management.
The proposed issuance was authorized by the board at a meeting on Aug. 26 and is subject to shareholders’ approval at an upcoming general meeting on Oct. 20.
The bank is based in Chongqing, China.
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