Agricultural Bank of China’s London branch issued a RMB 300 mln, 3-month
Shanghai Free Trade Zone offshore bond in the form of a European Certificate of
Deposit (ECD) at a 1.55% rate. It is the first Shanghai FTZ offshore bond issued
by a UK institution and the first in Europe to be registered, custodied and
settled via China Central Depository & Clearing Co. (CCDC). The transaction used
Agricultural Bank Group’s onshore-offshore coordination and provides a template
for UK institutions seeking RMB funding channels.
