Offshore yuan bonds issued in Singapore

Two major international lenders launched the first batch of offshore yuan-denominated bonds in Singapore on Monday, making the country the third offshore hub for such notes and consolidating its standing as an international financial center.

On the same day, the Industrial and Commercial Bank of China's Singapore branch kicked off yuan clearing services in the island nation.

Standard Chartered PLC announced that it had raised 1 billion yuan ($163.36 million) through the offshore bonds. The three-year senior unsecured issuance was priced with a coupon of 2.625 percent after generating more than 3 billion yuan in orders from 75 investors across Asia.