Fusang Exchange, a new Malaysian blockchain bond issuance platform, has announced that its first bond issuance has been canceled. The LongBond issuance was initially to be $14 million with a headline figure of up to $3 billion. The bond proceeds were to be held as cash deposits in trust accounts at the Labuan branch of China Construction Bank (CCB).
On Friday the 13th of November, CCB reacted to press reports that it was not the bond issuer. The bond was to be issued by a special purpose vehicle, LongBond, with the bank acting as lead arranger and listing advisor.
Then this past Friday, the 20th of November, Fusang Exchange announced that the proposed issuance was canceled and that the “overall bond issuance programme is being re-evaluated.” It said the cancellation was communicated via CCB acting as listing sponsor, with no further reasons provided.
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