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ICBC’s First Tranche of OTC Local Government Bonds Sold out
 

As of April 1, 2019, the first-batch of over-the-counter (OTC) local government bonds issued by Industrial and Commercial Bank of China (ICBC) was sold out ahead of time in Ningbo, Zhejiang, Sichuan, Shaanxi, Shandong and Beijing, totaling RMB1.77 billion. The funds raised will be used to facilitate local governments in developing local economy, launching projects for people’s wellbeing, and making further headway in local economic and social development.

According to an official of ICBC, ICBC gives full play to its ability in product innovation, professional market-making and quotation, and multiple channels for sales, goes all out to guarantee the issuance of local government bonds in the OTC market, and actively promotes its products to attract more investors. It also launched such investment activities to benefit its customers such as “Open an account free of charge”, “Special offer for subscribing personal OTC book-entry bonds with newly-opened accounts”, and “Certificate for subscription”, gaining popularity among enterprises, public institutions and residents. Specifically, the OTC local government bonds issued by ICBC in Ningbo, Zhejiang and Beijing were sold out on the very first day of issuance. Going forward, ICBC will continue to follow the regulatory requirements and enrich OTC bond businesses, striving to enable the public to share the achievements of Chinese bond market.

Experts said that, the issuance of local government bonds over the counter of commercial banks will help meet the investment and trading demand of customers with low risk appetite and enrich investment choices for customers. Meanwhile, it can help expand issuance, investment and trading channels of local government bonds and make an important approach for financially serving the real economy, preventing financial risks and deepening the financial reform. As the largest bond market maker in the interbank bond market, ICBC possesses outstanding quotation ability and broad service channels, and is able to offer competitive quotations to customers with its rich experience and leading market position in selling OTC bonds. In 2002, ICBC launched the OTC bond business as one of the first-batch pilot banks. In 2014, it took the lead to exclusively issue the first China Development Bank bond and Export-Import Bank of China bond. In 2015, ICBC realized 24-hour continuous trading of OTC bonds as the first bank in the banking industry.


(2019-04-08)
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