Banks to sell debt in Taiwan

Issues expected to draw many investors as the currency gains

Bank of Communications Ltd and Agricultural Bank of China Ltd both have applied to issue renminbi-denominated bonds in Taiwan, financial authorities for the island said on Wednesday.

BOCOM and ABC could become the first banks from the Chinese mainland to issue renminbi-denominated bonds - also known as "Formosa bonds", and the equivalent of Hong Kong's Dim Sum bonds - in Taiwan, as early as this week.