After the successful launch of our Yankee CD Program，Agricultural Bank of China, New York Branch recently completed the first issuance of Yankee CD. The issuing price is lower than the average price level of local Chinese banks, as well as the Branch’s price level of inter-bank borrowing over the same tenor.  

As one of the important components of the short-term commercial paper market, Yankee CDs has become a key funding channel for foreign banks in the U.S. because of its strong liquidity and low cost. The major investors include on-shore U.S. financial institutions, money market funds and corporate customers. The market size is considerably large and the cost is significantly lower than the level of offshore US dollar.  

The successful establishment of the YCD program enables New York Branch to diversify source of funding, reduce the funding cost, while help establishing the ABC's reputation in the local and international market. In addition, the YCD program will also lay a solid foundation for the Branch’s CP program in the future.