China Construction Bank

Yesterday the old republic power leveling, the Shenzhen successful tenders issued $ 2.2 billion worth of government bonds, the three-year bid in a five-year local debt and interest rates and 3.03% respectively. At this point, by the State Council approval Shanghai, Zhejiang, Guangdong and Shenzhen four local governments issue bonds in their own complete, interest rates stayed below their limit debt levels. Bond issuance rates continue to drop in Shenzhen in Shenzhen yesterday$ 2.2 billion local debt issued by tender, a three-year and accounted for half of the five-year period, there were three underwriters of, national development Bank, the industrial and commercial bank, China Construction Bank, respectively. The tender for a single price Netherlands, subject to interest rates, offering interest rates also fell, three-year and five-year bid in a local debt rate and 3.03%, respectively.Will be issued on November 28 and interest, issued on November 30 ending. Prior to this, on November 15, a three-year and five-year bid in a local debt rate and 3.1%, respectively, in accordance with the bond yield curve, two varieties of bid interest rate term bonds with some 3-4 basis points lower. Subsequently issued by the Guangdong provincial government bonds, a three-year and fiveYear the bid rate and 3.08%, respectively, interest rate bonds 6-8 basis points lower than the same period, over 6 times times of multiples. On November 21 in Zhejiang Province tenders issued $ 6.7 billion in government bonds, issued interest rates also fell. Three-year and five-year bid in a local debt rate and 3.01%, respectively, with the same period of interest rates hung upside down andThe play is extended to 12 basis points. This is the independent inaugural issue 4 local local debt, the successful tenderer has shown "unconventional, non-market" �C not only the successful rate is significantly lower than the same period of bonds ' interest rate buy multiples "fantastic" also goes far beyond the national debt. Local debt interest rate "unconventional" Reuters news that industry sources, Shenzhen local debts three years-And five-year multiple varieties of tender is 2.44 times and 2.27 times times, lower than the previous Zhejiang debts of 3.8 times and 3.7 times times. Local debt market concern about selling, although this phenomenon and the recent bond market warmed up, yields down related, "but winning rates below treasuries, what is not normal swtor power leveling, because local financial strength cannot be higher than the CentralFinances. "A market participants said. Last week, the net return for the open market and pay deposit, funds were affected, bond yields rose slightly. However, the bid in a local debt interest rates are generally lower, analysts said, although the Shanghai, Shenzhen, Zhejiang, Guangdong and four Government credit quality is fine, but limited bond interest rates lower than the same period was "non-standard". Multi-Market participants believe that the local "self issued" local debt, and early this year finance local debt, nature does not differ. And followed by the financial bid in a local debt interest rates higher than interest rates around 10 basis points. This year the Ministry of Finance has issued eight Deputy local debt, of which three-year bid in a local debt interest rate 3.67% per cent in five yearsLocal debt bid rate at 3.7% per cent in the period. Industry noted that theoretically impossible debt rating is higher than the national debt, liquidity is far less than the latter. Issuing rates than treasuries lower, instead of underwriting model has a great relationship. Local debt syndicate selected by the issuer, and for financial institutions with close ties to the local economy, forSoliciting financial deposits, attract more underwriting business purposes such as, underwriters or active or passive, has a lower tendency to issue interest rate. Gold-line statement: Gold-line reproduced above, does not indicate that confirm the description for investor use only and does not constitute investment advice. Investor actions accordingly, and at your own risk.