HONG KONG, Oct 14 (IFR) - Standard Chartered Bank (Hong
Kong) has obtained approval from the People's Bank of
China to issue bonds denominated in Special Drawing Rights
(SDRs) in China's interbank bond market.
StanChart is looking to issue 100 million SDRs (about 925
million renminbi or $139 million) and the bonds will be settled
A successful offering would be the first from a commercial
issuer, and comes after the World Bank printed three-year SDR
bonds at 0.49 percent on August 31, the first time securities
have been issued in the synthetic reserve currency in 35 years.
Standard Chartered Bank (China) has been appointed as the
joint lead underwriter and joint lead bookrunner to arrange
roadshows in Beijing and Shanghai.
China has been promoting the International Monetary Fund's
SDR as an alternative to the US dollar, and has made the
alternative reserve currency a key focus of its push to
internationalise the renminbi.
The renminbi was formally added to the SDR currency basket
on October 1.
(Reporting by Ina Zhou; Editing by Steve Garton)