Deutsche Bank has issued a RMB 1bn ($148) onshore local currency bond in China. The bond has a 3 year tenor and pays 3.1%.

This is the first bond issued under new regulations for foreign firms issuing in RMB from the People’s Bank of China (PBOC) and State Administration of Foreign Exchange (SAFE).

These new rules allow proceeds raised onshore to be used offshore. Deutsche Bank plans to use the proceeds of their bond for general group funding purposes.

Buyers of the bond included Chinese banks and Chinese branches of foreign banks.