|Standard Chartered Bank announced Thursday in Hong Kong that it has launched a renminbi ( RMB) corporate bond for the McDonald's Corporation.
The bank declared it was the first RMB bond launched for a foreign Multinational Corporate in the Hong Kong debt capital market.
The notes, with a 3 percent coupon rate and an issue size of 200 million yuan, were targeted at institutional investors and has a maturity date of September 2013.
The launch of McDonald's RMB corporate bond signifies the beginning of a new funding channel for international companies to raise working capital for their China operations and it has already generated good investor interest, said the bank.
Previous to the RMB bond, the bank has already introduced RMB- denominated structured investments.
"We are delighted with the pace of the RMB market development process in Hong Kong and will continue to expand our RMB product offering," said Benjamin Hung, the bank's Chief Executive Officer in Hong Kong.
The bond issued this time is also expected to help accelerate Hong Kong's development as a RMB offshore center, added Hung.