UPDATE 1-BRICS development bank to issue $780 million in yuan-denominated bonds - Reuters 29/02/2020 19'15

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https://www.reuters.com/article/china-brics-bank/update-1-brics-
development-bank-to-issue-780-million-in-yuan-denominated-
bonds-idUSL3N1SZ3SQ

ENERGY MAY 28, 2018 / 9:08 AM / 2 YEARS AGO

UPDATE 1-BRICS development bank to

issue $780 million in yuan-denominated
bonds
3 MIN READ

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* New Development Bank says plan was approved on Monday

* Says plans to issue bonds in other local currencies delayed

* Approved six new projects, loan portfolio now over $5.1 billion (Recasts with NDB
plan to issue yuan bond, adds comment)

By Brenda Goh

SHANGHAI, May 28 (Reuters) - The New Development Bank (NDB), set up by the
BRICS group of major emerging economies, said on Monday it plans to raise 5 billion
yuan ($782 million) through a yuan-denominated bond issue this year.

Leslie Maasdorp, the NDB’s chief financial officer, told reporters on the sidelines of the
bank’s annual meeting in Shanghai that the issue would be part of a 10 billion yuan
bond programme approved by the NDB’s board.

“Our next issue is going to be 5 billion renminbi,” he said.

“We have to just go through a series of regulatory approvals, we’ve already appointed
underwriters ... It’s going to be a matter of a few months, it will be during the course of
2018.”

The bulk of the proceeds will go towards projects in China and the bank will carry out

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UPDATE 1-BRICS development bank to issue $780 million in yuan-denominated bonds - Reuters 29/02/2020 19'15

another yuan-denominated bond issue within the next two years, he said.

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Headquartered in Shanghai, the NDB is seen as the first major achievement of the
BRICS - Brazil, Russia, India, China and South Africa - since they got together in 2009
to press for a bigger say in the global financial order created by Western powers after
TRENDING
World War Two.
Global downtu
In 2016, it completed the sale of a five-year, 3 billion yuan bond which was the first countries strug
coronavirus ou
yuan-denominated green bond sold in mainland China by a multinational financial
institution at the time. U.S. shuts bord
migrants rushi
Mexico
However, plans to issue bonds in currencies belonging to its other member countries
Explainer: Coro
have been delayed, the NDB’s president, K.V. Kamath, said. reappears in d
patients, raisin
containment fi
Kamath told Reuters in March last year that the NDB planned to raise up to $500
million via rupee-denominated masala bonds by the second half of 2017. Trump says U.S
restrictions at
over coronaviru
“We did not proceed with other issues because we thought it appropriate to get our
international credit rating exercise done before we approach the markets,” he said, Coronavirus th
economy as ex
adding that they expect to receive the rating by July. country will be

“The moment the rating exercise gets completed we will probably go into the other
countries’ markets.” The bank has already received an AAA investment rating in China.

The NDB also announced that it had approved six new projects that take its loan
portfolio to more than $5.1 billion.

The schemes include an environmental protection project being carried out by Brazil’s
Petrobras, and a rural road construction and upgrade programme in India.

It said the approvals meant that it now finances 21 projects in its member countries.
($1 = 6.3971 Chinese yuan renminbi) (Reporting by Brenda Goh; Additional Reporting
by SHANGHAI Newsroom Writing by John Ruwitch)

Our Standards: The Thomson Reuters Trust Principles.

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UPDATE 1-BRICS development bank to issue $780 million in yuan-denominated bonds - Reuters 29/02/2020 19'15

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UPDATE 1-BRICS development bank to issue $780 million in yuan-denominated bonds - Reuters 29/02/2020 19'15

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