Deutsche Bank completes first RMB bond issuance

Deutsche Bank has completed its first Renminbi (RMB) bond issuance in Taiwan in a deal worth 1.1 billion yuan (178.28 million U.S. dollars), the bank announced Wednesday. It estimates that Taiwan's RMB deposit base will grow to 100 billion yuan by the end of the year, and to 200 billion yuan in the next two to three years, supported by demand from both corporate or institutional and retail investors. The bond is spread across two portions, a three-year bond at 2.45 percent and a five-year callable (redeemable) bond at 2.65 percent. This represents the first RMB bond issued in Taiwan by a foreign entity, the largest ever RMB-denominated bond issuance and the first RMB bond with a callable feature on the island. The bond is listed on the Gre Tai exchange in Taiwan, which means that Taiwanese retail investors are able to directly invest in it. Cynthia Chan, Deutsche Bank Head of Global Markets for Taiwan, said, "This transaction reflects the strong demand for Renminbi assets in Taiwan, and points to significant potential for the growth of this market."