March 6, 2020 / 9:46 AM / in 24 days

SMBC plans to issue 1 billion yuan bonds in China

BEIJING/HONG KONG, March 6 (Reuters) - Sumitomo Mitsui Banking Corporation (SMBC) plans to issue one billion yuan ($144 million) of three-year bonds in China, two sources familiar with the transaction said on Friday.

The issuer will price the deal between 40 and 60 basis points above China Development Bank bonds of the same tenor, said the sources. The company did not immediately respond to Reuters' request for comments.

SMBC would be the first Japanese financial institution to tap the market in two years.

Bonds issued in China by companies incorporated outside the country are also known as "Panda bonds". MUFG and Mizuho became the first Japanese Panda bonds issuers in 2018. ($1 = 6.9331 Chinese yuan renminbi) (Reporting by Xiaochong Zhang in Beijing and Noah Sin in Hong Kong; Additional reporting by Winni Zhou in Shanghai; Editing by Kevin Liffey)

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