China eyes 6 billion offshore yuan bond issuance

China has mandated investment banks to work on a 6 billion offshore yuan (HK$6.5billion) bond sale, according an official statement and a term sheet reviewed by Reuters on Tuesday. 

The bonds will be issued through China's Ministry of Finance in Macau, the Chinese and Macau authorities announced on July 9.

It will be the fourth consecutive year of China issuing offshore yuan bonds in Macau, the announcement said.

The bonds have been classified as Reg S, meaning only investors outside the U.S can participate in the transaction, the term sheet showed.

Fifteen investment banks led by Bank of China, Bank of Communications and ICBC are working on the transaction, according to the term sheet.

REUTERS