On 7 July 2016, ABC Singapore Branch along with DBS acting as joint global coordinator, joint book runner and lead arranger helped to achieve success for Chongqing Grain Group in their maiden 3 year offshore RMB bond issuance. The total issue size for this deal is RMB 1 billion. This bond issuance is rated A1 by Moody’s and has credit enhancement with an irrevocable standby letter of credit by the ABC Singapore Branch. The issue is very well received by the investors given that the order book has reached more than 9 billion yuan from approximately 100 dealers. The issue holds the record for the largest corporate offshore RMB deal and biggest bid to cover ratio for this year.

This RMB bond issuance is the first of its kind under the Chongqing Connectivity Initiative (CCI) which is a joint project between Singapore and China started to help boost regional connectivity. This bond issued by Chongqing Grain Group is able to promote international cooperation between the two countries to build sustained and long-lasting strategic business relationships.

ABC Singapore Branch was able to showcase our niche as a leading bank in Asia with DBS in organizing the bond investor roadshows both in Singapore and Hong Kong. Together with all our partners and also ABC Chongqing Branch, we undertook the responsibilities of main underwriter and assisted the company in gathering anchor orders from many real money accounts. We were also a key component in helping the company's issuance receive a better rating due to the standby letter of credit issued by our branch. The success of this bond issuance once again solidifies the position of the Agricultural Bank of China Ltd as an industry leader in the RMB bond issuance in Asia.