China Issues First USD291 Million Yuan Bonds in Macao
Zhang Yushuo
/SOURCE : yicai
China Issues First USD291 Million Yuan Bonds in Macao

(Yicai Global) July 5 -- China's Ministry of Finance has issued CNY2 billion (USD291 million) worth of yuan-denominated government bonds in gambling hub Macao, marking the first time Beijing has made such bills available in the special administrative region.

The bonds include CNY1.7 billion worth of three-year notes at 3.05 percent and CNY300 million worth of two-year bonds at 3.3 percent, which went on sale to retail investors today, the ministry said online.

Investors include monetary authorities, government and pension funds, commercial banks, mutual funds and asset management companies, it added, saying the non-retail bonds were oversubscribed 3.2 times.

The move is an important step as the central government offers support for Macao -- which returned to Chinese sovereignty 20 years ago this year -- to further develop its finance sector and diversify its economy, the statement added, saying the issuance will also enhance ties between the mainland and the island region and reduce risk for investors.

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Keywords: Macao , Bonds , Ministry of Finance , Fixed Income