MACAO — China's Guangdong province is scheduled to issue offshore municipal government bond in the Macao Special Administrative Region (SAR) on Oct 28, the second such issuance following the one in October last year.

The bond is offered to institutional investors with an issuance size of 2 billion yuan (about $278 million) and a tenor of three years.

The Macao SAR government said on Oct 26 the move is expected to further enhance financial cooperation between Guangdong and Macao, as well as promote the building of modern finance in Macao and the development of its bond market.

In September this year, the Chinese central government issued renminbi-denominated bonds in Macao SAR with a face value of 3 billion yuan (about $418 million).