(ECNS) -- The People's Government of Guangdong Province successfully issued 2.5 billion yuan ($350 million) of offshore RMB-denominated local government bonds in Macao, according to the Monetary Authority of Macao.

Bank of China Macau Branch acted as the sole global coordinator for the issuance, marking the sixth consecutive year since 2021 that the bank has served in this capacity for Guangdong's offshore bond issuances in Macao.

The bonds were offered in three tranches: 2-year Hengqin construction-themed bonds worth 500 million yuan with a 1.42% coupon; 3-year green bonds worth 1.5 billion yuan with a 1.46% coupon; and 5-year blue bonds worth 500 million yuan with a 1.57% coupon.

Investor demand was strong, with orders peaking at 23.2 billion yuan and an oversubscription rate of 9.28 times — a record for bond issuances in Macao. Buyers included investors from Portugal, Switzerland, Singapore, Malaysia, Thailand, Indonesia, Macao and Hong Kong.

Proceeds from the bonds will be used to support major infrastructure projects in the Guangdong-Macao In-depth Cooperation Zone in Hengqin, as well as green and blue development strategies in the Guangdong-Hong Kong-Macao Greater Bay Area.

(By Tang Yuxian)