Market Chatter: UBS Raises $298 Million in Debut China Onshore Bond Sale

MT Newswires Live08-28 18:55

UBS (UBS) raised 2 billion yuan ($297.5 million) through its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported Friday.

According to the report, the five-year note was priced at a 1.78% coupon, setting a record low rate and narrowest spread over China's onshore benchmark for a bond of its kind issued by a foreign financial institution.

Panda bond issuance hit a record 214 billion yuan this year, up 67%, as global issuers seek cheaper and diversified funding in China, Bloomberg added.

UBS didn't immediately respond to MT Newswires' requests for comment.

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