ANL 34.04 Decreased By ▼ -0.48 (-1.39%)
ASC 14.97 Decreased By ▼ -0.19 (-1.25%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 93.50 Decreased By ▼ -1.50 (-1.58%)
BOP 7.91 Increased By ▲ 0.04 (0.51%)
BYCO 10.06 Decreased By ▼ -0.25 (-2.42%)
DGKC 126.00 Decreased By ▼ -0.60 (-0.47%)
EPCL 56.85 Decreased By ▼ -0.31 (-0.54%)
FCCL 24.40 Decreased By ▼ -0.10 (-0.41%)
FFBL 27.88 Decreased By ▼ -0.08 (-0.29%)
FFL 16.50 Increased By ▲ 0.46 (2.87%)
HASCOL 9.93 Decreased By ▼ -0.09 (-0.9%)
HUBC 79.50 Decreased By ▼ -0.50 (-0.63%)
HUMNL 6.40 Decreased By ▼ -0.05 (-0.78%)
JSCL 20.17 Decreased By ▼ -0.24 (-1.18%)
KAPCO 40.20 Decreased By ▼ -0.74 (-1.81%)
KEL 3.88 Increased By ▲ 0.01 (0.26%)
LOTCHEM 16.45 Decreased By ▼ -0.79 (-4.58%)
MLCF 46.80 Decreased By ▼ -0.11 (-0.23%)
PAEL 35.80 Decreased By ▼ -0.37 (-1.02%)
PIBTL 10.45 Decreased By ▼ -0.04 (-0.38%)
POWER 9.30 Decreased By ▼ -0.05 (-0.53%)
PPL 84.95 Decreased By ▼ -0.79 (-0.92%)
PRL 25.12 Decreased By ▼ -0.59 (-2.29%)
PTC 9.74 Increased By ▲ 0.29 (3.07%)
SILK 1.22 Increased By ▲ 0.05 (4.27%)
SNGP 38.88 Decreased By ▼ -0.48 (-1.22%)
TRG 166.50 Increased By ▲ 6.89 (4.32%)
UNITY 30.45 Decreased By ▼ -0.30 (-0.98%)
WTL 1.51 Increased By ▲ 0.08 (5.59%)
BR100 4,842 Decreased By ▼ -9.68 (-0.2%)
BR30 25,694 Increased By ▲ 22.87 (0.09%)
KSE100 45,030 Decreased By ▼ -156.23 (-0.35%)
KSE30 18,440 Decreased By ▼ -44.57 (-0.24%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

HONG KONG: China has sold the first tranche of a two billion yuan ($291.11 million) bond in Macau, as the Chinese-ruled territory tries to diversify from its dominant gaming industry.

The Ministry of Finance said in a statement on Friday it sold 1.7 billion yuan of 3-year bonds at a 3.05% coupon to institutional investors on Thursday, ranging from pension funds to commercial banks.

The tranche was 3.2 times oversubscribed.

The ministry said it will sell a 300 million yuan, 2-year retail portion at a 3.3% coupon starting on Friday. Subscription to that bond will be open until July 19, according to Refinitiv IFR.

The yield came in slightly above expectation, said Frances Cheung, head of macro strategy, Asia, at Westpac Banking Corporation. But she said "the oversubscription suggests demand is still strong, when there is enough pick-up for investors."

Macau's monetary authority told Reuters in a statement the bond issuance "is one of the key measures to promote the adequate economic diversification" in the city.

Macau, which generates about 80% of government revenues from gambling, is considering launching a yuan-based stock market to help it diversify away from gaming, the city's de facto central bank told Reuters last month.

It is also beefing up financial services under China's Greater Bay Area plan to integrate the territory with Hong Kong, the largest offshore yuan hub, and nine mainland cities.

The former Portuguese colony will mark its 20th anniversary of return to Chinese rule in December. Macau has its own currency, the pataca, which is linked at a fixed rate to the Hong Kong Dollar.

Copyright Reuters, 2019