Bond Innovation

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Bond Innovation

· In March 1994, CDB was established and began issuing bonds to raise funds in an administrative way.

· On 25 April 1994, CDB issued its first 3-year bonds of 20 billion yuan to 11 financial institutions including ICBC, ABC, BOC and CCB in an administrative way. On 29 April, at a news conference held at the Great Hall of the People, CDB announced its plan to issue financial bonds of 65 billion yuan in the year, thus entering China's bond market.

· In February 1996, CDB issued its first samurai bonds of JPY 30 billion.

· In January 1997, CDB issued its first Yankee bonds of USD 330 million.

· In September 1998, CDB for the first time issued bonds in the interbank bond market through bids, marking the beginning of its market-based bond issuing.

· In March 1999, CDB issued its first 10-year floating rate bonds.

· In May 1999, CDB issued its first global dollar bonds of USD 500 million.

· In December 2001, CDB issued its first investor option bonds.

· In December 2001, CDB issued its first 30-year ultra-long-term fixed rate bonds.

· In March 2002, CDB issued its first follow-on bonds.

· In June 2002, CDB issued its first issuer common option bonds with subordinated bond features.

· In October 2002, CDB issued its first STRIPS.

· In July 2003, CDB issued its first forward rate bonds.

· In September 2003, CDB issued its first domestic dollar bonds of USD 500 million.

· In September 2003, CDB issued its first bonds with interest rate swap options.

· In May 2004, CDB invited bids with deferred interest rates for the first time.

· In August 2004, CDB first launched forward scrolling bids.

· In September 2004, CDB issued its first global euro bonds of EUR 325 million.

· In November 2004, CDB issued its first new floating rate bonds based on the 7-day repo rate.

· In December 2004, CDB issued its first policy bank subordinated debt.

· In December 2005, CDB issued its first credit asset-backed bonds.

· In March 2006, CDB issued its first new floating debt based on the repo fixing rates.

· In June 2007, CDB issued its first new benchmark floating debt based on SHIBOR.

· In July 2007, CDB issued its first Hong Kong RMB bonds of 5 billion yuan.

· In August 2008, CDB issued its first investors option bonds with asymmetric term variable rates.

· In August 2009, CDB issued its first Hong Kong RMB Shibor floating rate bonds.

· On 25 November 2010, CDB issued its first bonds with mutually convertible SHIBOR, DEPO or fixed-rate interest accrual methods.

· In April 2012, CDB for the first time introduced the issuing of fixed rate key term benchmark bonds.

· In 2012, CDB issued its first 15-year and 20-year ultra-long-term offshore RMB bonds.

· In June 2012, CDB issued the first ultra-long-term 50Y bond; in January 2013, CDB issued the first Depo key-term benchmark floating-rate bond;

· In February 2013, CDB issued the first Shibor key-term benchmark floating-rate bond;

· In November 2013, CDB issued RMB 4.5bn worth of short, medium and long term RMB bonds in Hong Kong, which resulted in an improved offshore RMB bond yield curve;

· Since December 2013, CDB had issued an aggregate of RMB 30bn worth of bonds in Shanghai Stock Exchange, sparking popular enthusiasm for the first stock-exchange policy financial bonds among investors;

· In May 2014, CDB issued 1Y financial bonds through commercial bank outlets to the public for the first time.

· In September 2014, CDB issued the first RMB-2bn bond in London, which was also the first Chinese quasi-sovereign RMB bond ever issued outside Greater China.

· In February 2015, CDB completed the first concurrent sales of OTC bonds across three handling banks;

· In March 2015, CDB issued the first 50Y bond with the option of redemption by issuer;

· In April 2015, with the approval of the PBoC, the standard CDB bond forward transactions were officially launched on the national interbank bond market.

· In January 2016, released its first English bond offering announcement.