Shinhan Bank's Chinese corporation issues $69 million in yuan bonds
Eui-Jin Jeong
Jul 21, 2023 (Gmt+09:00)
The Chinese corporation of South Korea’s Shinhan Bank on Thursday said it issued 500 million yuan ($69.6 million) in bonds, a first in China by a South Korean commercial bank.
The bonds were issued based on the credit rating of Shinhan Bank (China) Ltd. alone without a guarantee from the headquarters in Seoul. The annual interest is 3.35% with a maturity of three years.
Shinhan Bank hailed the raising of mid- to long-term financing at a low interest rate despite poor conditions for bond issuance in banking.
“The issuance of yuan bonds despite the difficult market environment is a milestone for direct financing in China by South Korean banks,” a Shinhan Bank source said. “We will continue striving for stable sales in China and meeting the diverse financial needs of customers there.”