China's Ministry of Finance on Wednesday issued 2 billion U.S. dollars worth of sovereign bonds for international investors in Riyadh, the capital of Saudi Arabia.
Of the total, the issuance of three-year bonds stood at 1.25 billion U.S. dollars in value with an interest rate of 4.284 percent, and the issuance of five-year bonds totaled 750 million U.S. dollars with a yield of 4.340 percent.
International investors have shown strong enthusiasm, with the total subscription value amounting to 39.73 billion U.S. dollars, 19.9 times of the issuance amount. In particular, the five-year subscription multiple reached 27.1 times, the highest multiple for global sovereign bonds issued in recent years.
Among the international investors, those from Asia, the Middle East, Europe and the United States accounted for 68 percent, 8 percent, 20 percent and 4 percent, respectively, with the share of Middle Eastern investors reaching a record high.
In terms of investor types, sovereign entities, banks, fund asset management firms, insurance investors and dealer investors accounted for 9 percent, 50 percent, 37 percent, 2 percent and 2 percent, respectively.
"Throughout the issuance process, international investors have actively subscribed to the sovereign bonds. Their geographical distribution is broad, while the types of investors are varied. This fully demonstrates that international investors have high recognition for China's sovereign credit and firm confidence in the long-term high-quality development of China's economy," said Wang Jiaqiang, senior researcher at the Bank of China Research Institute.
The sovereign bonds will be listed on both the Hong Kong Stock Exchange and the Nasdaq Dubai Stock Exchange. This marks the first line of Chinese sovereign bonds to be issued and listed in the Middle East, as well as the first line of Chinese sovereign bonds priced and issued in Saudi Arabia.
Industry insiders say they believe that this issuance will further promote financial exchanges and cooperation between China and Middle East countries and encourage more Chinese institutions to engage in investment and financing activities in the region.
Sovereign bonds are issued by the central government of a sovereign state intending to raise funds to meet the government's fiscal needs. Because the bonds are backed by the credit of the sovereign state, the risk of default is typically low.
China issues 2 billion U.S. dollars of sovereign bonds in Saudi Arabia
China issues 2 billion U.S. dollars of sovereign bonds in Saudi Arabia
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
