Banking News
- Pudong bank sells US$582m ABS
Date: 13-Sep-2007 Sources: (Shenzhen Daily)
SHANGHAI Pudong Development Bank Co. sold 4.23 billion yuan (US$582 million) worth of floating-rate asset-backed securities (ABS) Tuesday on the interbank bond market, said a person at deal underwriter Guotai Junan Securities Co.
The lender said last week the reference rate for the securities is the one-year deposit rate, which is now 3.60 percent. The ABS have three tranches: 3.64 billion yuan worth of AAA rated securities; 342 million yuan rated A plus and 250 million yuan rated BBB. The securities were rated by China Lianhe Credit Rating Co. Pudong Development Bank sold the triple A-rated tranche at 4.33 percent, or 73 basis points above the one-year deposit rate, the person at Guotai Junan Securities said yesterday.
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