Yesterday Shenzhen Futian Investment Holdings, a Chinese state-owned entity, issued an offshore RMB 500 million ($70m) digital bond on the permissionless Ethereum blockchain.
GF Securities (Hong Kong) was the lead global coordinator and sole arranger for the two year 2.62% bond that carries a Fitch A- rating. CMB International and SunRiver International acted as joint global coordinators and joint bookrunners. The bond is listed on the Shenzhen and Macau stock exchanges.
This has been touted as a major step in Chinese adoption of real world asset (RWA) tokenization. The state has long supported blockchain and tokenization, but whether it is comfortable with the Ethereum mainnet remains to be seen. It’s almost certainly not happy with the publicity this attracted. While the issuer initially touted the issuance on its home page and dedicated another page to it, all mentions have since been removed from the website.
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