Recently, the Branch has used its advantage in comprehensive cross-border RMB products and services to assist customers in purchasing and settling custodian matters of bonds issued by the Chongqing Grain Group.

The transaction from Chongqing Grain Group was the first offshore RMB bond issuance under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity. The issuance saw an overwhelming response by investors and the bonds were oversubscribed by up to nine times. As a member of the underwriting team, ICBC Singapore Branch took advantage of its influence to obtain a significant quota at the bond issuance phase. The Singapore Branch provided effective services to assist our clients in bond transactions, bond clearing funds and asset custody.