HSBC makes Singapore’s first renminbi-denominated bond sale

HSBC priced USS$103m of 2-year notes.

HSBC priced USS$103 million of two-year notes through its Singapore branch at 2.25%. It will use the proceeds to finance the expansion of its Chinese currency lending assets.

HSBC also completed a number of other renminbi transactions for its customers. It estimates that offshore renminbi debt sales could reach as high as US$59 billion this year.

The HSBC sale comes after Industrial and Commercial Bank of China started renminbi-clearing services in Singapore, making Singapore the third offshore center to provide such a facility after Hong Kong and Taiwan

Standard Chartered Singapore said their renminbi-denominated bond sale marks a milestone for Singapore in its status as an offshore renminbi hub.