Ministry of Finance (MOF) conducted biddings for the issuing of 2005 book-entry T-bonds (second phase) on Mar. 14. The time limit of the T-bond this time is one year, and the T-bonds are issued at a discount by inter-banks bond markets and stock exchanges. The face value of planned and actual issuing was 30 billion yuan, of which the basic consignment sales stood at 5.4 billion yuan and the competitive bid-invitational volume took the remaining 24.6 billion yuan.

The valid tender volume of the T-bond in the second phase reaches 43.02 billion yuan, and the issuing price set through bidding stands at 97.93 yuan and the conversion rate of return is 2.12 percent.

Members of 65 T-bond consignment groups took part in the bidding with 36 winning the bid. The consignment volume of the Agricultural Bank of China, the National Postal Saving and Remittance Bureau and Bank of China is heading the list.

The issuing of T-bonds will start on Mar. 15 together with interest charges and end on Mar. 17, 2005. The retail units are various investors that have opened primary bank accounts at the Central National Debt Registration Settlement Co., Ltd and the China Securities Registration Settlement Co., Ltd. Starting from Mar. 21, all the T-bonds will be transacted through bond deals and in a buy-back form at national inter-bank bond markets and securities exchanges.

By People's Daily Online