HSBC, BOC(HK), SC and HS Banks: record subscriptions for Silver Bonds

The government's latest Silver Bond offering closed for subscription this afternoon with brokers reporting strong demand.

HSBC, Bank of China (Hong Kong), Standard Chartered and Hang Seng Bank all say their subscription amounts and numbers of applicants both reached record highs.

The 11th batch of Silver Bonds offers a guaranteed annual interest rate of 4.25 percent -- the second highest on record.

The three-year bonds pay interest every 6 months with a target issuance of 50 billion dollars that could be raised to 55 billion dollars, depending on demand.

Each lot costs 10,000 dollars with applicants eligible for up to 100 lots.

Holding one lot for three years would earn at least 1,275 dollars in interest.

HSBC and Bank of China (Hong Kong) say the total subscription amounts set new records, rising 23% and 20% respectively from last year.

Their number of applicants also surged 31% and 30% respectively -- which also scaled new heights.