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Central Bank of the Republic of China

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What are bond reopenings?

Bond reopening mechanism was established in April 2003. In a reopening, we issue additional amounts of a previously issued bond. Reopened bonds have the same maturity date and interest rate as the original bonds, but a different issue date and usually a different price. Currently, we regularly reopen 5-year bonds and 10-year bonds, 3 months following the initial offerings.

When buying a reopened bond, you have to pay the accrued interest-interest the bond earned from the original issue date. Bidders should take into account the potential income tax on accrued interest through the adjustment of bidding yields and may not demand a refund in the future.

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