Taiwan Bank issues Hong Kong dollar debt

United World Chinese Commercial Bank has become the first Taiwanese issuer of Hong Kong dollar debt,  raising HK$300 million ($38.5 million) via a three-year, floating rate certificate of deposit (FRCD). The issue will be priced at par with a coupon of 3-month HIBOR plus 30 basis points. UWCCB is rated A3 by Moody's and demand for the relatively small issue should be robust given that no other Taiwanese credits are available.