Chekiang issues $1b FRCD

Chekiang First Bank has launched a $1 billion three-year floating-rate certificate of deposit (FRCD), its first following the award last week by British credit rating agency IBCA of a long-term A-plus and short-term A1 rating - the same as those awarded to Hongkong Bank. Including fees, the FRCDs will pay an all-in return of 42 basis points.