The free trade zone (FTZ) bond of Shanghai Municipal Government was issued with ICBC as the joint lead manager. The RMB-3-billion Shanghai Municipal Government FTZ bonds represents the first bond targeted only at investors within the FTZ and from abroad since the beginning of local government bond issuance in 2009, as well as the first bond only issued within the FTZ since the establishment of the Shanghai FTZ three years ago.

As an important attempt of innovation in the bond market, the successful issue of Shanghai Municipal Government FTZ bond has laid a solid foundation for the development of FTZ bond business, which helps to attract global issuers and investors to participate in FTZ financial activities and realize international, diversified and balanced development of China's financial markets. With consistent innovation and development of bond business, Shanghai FTZ will continue to attract global bond issuers and investors and become an important node connecting RMB onshore market and offshore market.

According to an official with ICBC, the development of bond market is integral to improve the multi-tiered capital market and increase direct financing, which plays a key role in matching real economy and financial institutions. In recent years, by leveraging its professional market research & forecast ability and product innovation, ICBC has continued to innovate varieties of bonds. Currently, as the lead manager, ICBC’s scope of bonds have covered short-term financing bonds, medium-term notes, ultra-short-term financing bonds, private placement notes, perpetual bonds, financial bonds, local government bonds and asset-backed securities. The Shanghai Municipal Government FTZ Bond is the first attempt of ICBC in FTZ local bond business, and represents profound integration of bond business development with FTZ financial innovation, which will help ICBC to further improve bond underwriting and investment capacity and provide customers with diversified bond financing services.