Media365
China’s Ministry of Finance returned to the international bond market for the first time in a year on Wednesday, offering US$4 billion in sovereign notes and giving international investors a chance to register their opinion on the country’s economic outlook amid receding trade tensions.
The offering of US dollar-denominated notes, equally split between three- and five-year notes, attracted US$118.2 billion in subscriptions, equal to 30 times the notes on offer, according to a ministry statement.
“The Ministry of Finance’s latest issuance has received a very positive response from international investors, reflecting the international market’s strong confidence in the growth potential of China’s economy,” said David Liao Yi-chien, co-CEO for Asia and the Middle East with HSBC, the joint lead manager and joint bookrunner of the deal.
Beijing’s five-year plan “demonstrated the country’s commitment to openness and collaboration”, he added.
Chinese Premier Li Qiang reinforced that message at the opening of the world’s largest import-export fair on Wednesday in Shanghai, where he said all countries must “adhere to equal and mutually beneficial cooperation, embrace free markets and free trade, and resolve cross-border contradictions and problems”.
