Company continues to rapidly strengthen RMB capabilities
HONG KONG, May 24, 2011 — BNY Mellon, the global leader in investment management and investment services, has been appointed to provide corporate trust services for ORIX Corporation's offshore Renminbi-denominated (RMB) unsecured Notes issuance in the Hong Kong market under the existing Euro Medium Term Note Programme. The integrated financial services group is the first Japanese corporation to issue an offshore RMB denominated unsecured Note in Hong Kong.
BNY Mellon acts as Fiscal Agent, Issuing Agent, CMU Lodging & Paying Agent, Registrar, for ORIX Corporation's EMTN Programme, of which the RMB Note was issued.
This is the first offshore RMB bond issuance transaction on which BNY Mellon has advised since becoming one of the participating financial institutions in Hong Kong able to provide offshore RMB services to corporate clients in March. BNY Mellon was also recently awarded a license from the China Banking Regulatory Commission (CBRC) to conduct local currency business in Shanghai. BNY Mellon's Shanghai branch began offering RMB foreign exchange and money market services from April.
"Hong Kong continues to take decisive steps in its development as an offshore RMB centre," said Gary Lew, head of BNY Mellon's corporate trust business in Asia-Pacific (ex-Japan). "As the world leader in corporate trust services, we are working closely with our clients, local authorities and regulators to help further develop Hong Kong's RMB bond market, and solidify Hong Kong's status as an RMB offshore centre."
"Building a strong RMB business is intrinsic to our future growth in Asia, and being able to offer corporate clients offshore RMB services in Hong Kong is another major step forward in our ability to serve clients in this critical market," added Lew. "We are proud to have acted on the first Japanese RMB offshore bond issuance and look forward to continuing to support international organisations seeking to launch RMB bond products in Hong Kong."
BNY Mellon's corporate trust business services nearly $11.9 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by debt issuers as well as fund and collateral management institutions to perform a variety of services related to debt and collateral administration, safekeeping, direct cash and investment management, portfolio and transparency analytics, reporting, and final asset disposition and distribution activities.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.