Debut Formosas from BoC and CCB Taipei branches
Bank of China (BoC) Taipei Branch and China Construction Bank (CCB) Taipei Branch each priced Rmb2bn ($325m) multi-tranche Formosa bonds in the week of August 25, according to three bankers close to the deals. Both banks have previously sold Formosa bonds, but this is the first time they have done so through their Taiwan branches.
Taiwan's GreTai Securities Market (GSM) defines Formosa bonds as RMB-denominated debt listed on the GSM. Although BoC HK Branch and CCB HK Branch last year issued three year Formosa bonds at 3.25% on December 5, neither of the two banks’ local Taipei branches has ever tapped the RMB