Cannabaceae

thcscience_admin
Formosa bond
Traditional Chinese福爾摩莎債券
Simplified Chinese福尔摩莎债券

A Formosa bond (Chinese: 福爾摩莎債券; Pe̍h-ōe-jī: Hok-ní-mô͘-sá Chè-kǹg) is a bond issued in Taiwan but denominated in a currency other than the New Taiwan Dollar.[1] They are issued by the Taiwan branches of publicly traded overseas financial institutions and to be traded must have a credit rating of BBB or higher.

History[edit]

The major designer and promoter of the Formosa bond was Lee Shyan-yuan, a board member of Taiwan's market regulator, the Financial Supervisory Commission (FSC).[2]

The name refers to Formosa, an alternative name for the island of Taiwan; it was chosen as the result of a contest held in September 2006 by the FSC. 15 names were suggested, intended to reflect special characteristics of Taiwan; two different Chinese-language versions of the name "Formosa bond" were suggested, as well as "C-Wang Bond" and "High-Tech Island Bond". Participants were also invited to suggest their own names for the bonds.[3] The result of the contest was announced on 25 September 2006; "Formosa Bond" was the most popular choice, with 5,776 votes, or 57.16% of the total cast; the second-most popular choice, Taiwan 101 Bond, had only 1,229 votes, and the third-most popular choice, an alternative Chinese translation of "Formosa Bond", garnered only 618 votes.[4][5]

Trading[edit]

Bonds to be traded must have a credit rating of BBB or higher. Trading between securities firms has to be carried out through a subsystem of the GreTai Securities Market's Electronic Bond Trading System, for which trading hours are between 9:00 AM and 1:30 PM. However, Formosa bonds also listed on overseas exchanges may be traded over-the-counter between bond dealers.[1]

The first Formosa bonds were part of a US$250 million carried out by Deutsche Bank in November 2006; BNP Paribas followed with an Australian dollar issuance, initially planned at A$500 million (US$386 million at then-current exchange rates) for February 2007, but later reduced to A$308 million (US$258 million) and delayed until 10 April 2007. HSBC were also said to be considering issuing such a bond, and BNP Paribas suggested that they might regularly issue Formosa Bonds.[2][6][7]

Presently, only Taiwan branches of publicly traded overseas financial institutions are permitted to issue Formosa Bonds; the market regulator has floated the idea of extending this permission to other branches and subsidiaries of such institutions as well.[1][8]

See also[edit]

References[edit]

  1. ^ a b c "Taiwan Foreign-Denominated Bond Market Q&A" (PDF). GreTai Securities Market. Retrieved 2007-07-04.
  2. ^ a b Chung, Amber (2007-04-19). "BNP Paribas mulls second bond issue on offshore market". Taipei Times. Retrieved 2007-07-04.
  3. ^ Yang, Ling-wen (2006-09-11). "櫃買中心債券國際板10月上路 命名活動烈展開 (GTSM bond market international board to open in October; naming contest to be held)". Eastern Television. Archived from the original on 2012-07-16. Retrieved 2007-07-04.
  4. ^ "外幣計價國際債券將命名為「福爾摩莎債券Formosa Bond」(Foreign currency-denominated bonds to be called "Formosa bonds")". Yahoo! Taiwan. 2006-10-30. Retrieved 2007-07-04.[permanent dead link]
  5. ^ "國際債券有獎徵答暨票選命名活動 (Prizes for voters in international bond naming contest)". GreTai Securities Market Report. No. 15. 2006-09-25. Retrieved 2007-07-04.
  6. ^ "Deutsche Bank bonds are go". Taipei Times. 2006-09-26. Retrieved 2007-07-04.
  7. ^ "BNP Paribas gets green light". Taipei Times. 2007-02-14. Retrieved 2007-07-04.
  8. ^ Chung, Amber (2007-03-23). "Formosa Bond could be opened to foreign issuers". Taipei Times. Retrieved 2007-07-04.
source: https://en.wikipedia.org/wiki/Formosa_bond

One thought on “Cannabaceae”

  1. Well, that’s interesting to know that Psilotum nudum are known as whisk ferns. Psilotum nudum is the commoner species of the two. While the P. flaccidum is a rare species and is found in the tropical islands. Both the species are usually epiphytic in habit and grow upon tree ferns. These species may also be terrestrial and grow in humus or in the crevices of the rocks.
    View the detailed Guide of Psilotum nudum: Detailed Study Of Psilotum Nudum (Whisk Fern), Classification, Anatomy, Reproduction

Leave a Reply