Record demand for silver bonds

Finance | Agencies and Victor Zhong 10 Dec 2020

BOC Hong Kong (2388) said that the current amount and number of people subscribing for silver bonds through the bank hit a record high.

Subscriptions for of the new batch of silver bonds, with a minimum interest rate of 3.5 percent, will close tomorrow.

Current subscription numbers through banks have surpassed those for the past four years and are four times that of the same period last year, the bank said. The average subscription board lots also doubled from a year ago to over 25 board lots.

Over 70 percent of customers subscribed through branches, the bank said.

An HSBC (0005) spokesperson said customers have shown a keen interest in the latest tranche of Silver Bond, with the number of subscriptions received exceeding the sum of the previous four tranches, with average ticket size doubling from 2019. The number of applications through the bank's digital channels has increased significantly, with number and amount of applications through mobile banking totaling three times that of last year.

Hang Seng Bank said the number of subscribers and average subscription amount in the bank doubled compared to last year, with total subscriptions rising over 300 percent.

The average subscription amount of each investor rose over 150 percent year-on-year, Standard Chartered Hong Kong said.

ICBC (Asia) said the highest subscription amount of the silver bonds was HK$8 million.

Each investor subscribed HK$300,000 worth of silver bonds through Shanghai Commercial Bank on average.

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