NOTES TO THE CONSOLIDATED FINANCIAL  STATEMENTS  (RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS, EXCEPT PER SHARE DATA)  15.  Other financial liabilities (cont’d) Yuchai Rmb 690 million short-term financing bonds Yuchai Rmb 1.7 billion short-term financing bonds Yuchai Rmb 1 billion short-term financing bonds Yuchai Rmb 1 billion medium-term notes (b)  Interest-bearing loans and borrowings (cont’d) Yuchai received approval from China’s National Association of Financial Market Institutional Investors (“NAFMII”)  for the issuance of RMB-denominated unsecured short-term financing bonds amounting to Rmb 1.7 billion.  The bonds were issued in two tranches. The first tranche of the bonds amounting to Rmb 1 billion was issued  on March 9, 2011 and matured on March 9, 2012. The first tranche of the bonds bore a fixed annual interest  rate of 4.59%. The second tranche of the bonds amounting to Rmb 700 million was issued on July 22, 2011 and  matured on July 22, 2012. The second tranche of the bonds bore a fixed annual interest rate of 5.65%. The par  value and issue price of each bond was Rmb 100. Subscription to and trading of the bonds was only available in  China to institutional investors of China’s National Inter-bank Bond Market. All the proceeds from the issuance  of the bonds were used by Yuchai as working capital. In March 2012, the first tranche of the bonds amounting  to Rmb 1 billion was fully repaid upon its maturity. In July 2012, the second tranche of the bonds amounting to  Rmb 700 million was fully repaid upon its maturity. Yuchai received approval from NAFMII for the issuance of RMB-denominated unsecured short-term financing  bonds amounting to Rmb 1 billion. The bonds were issued on August 28, 2012 and will mature on August 29,  2013. The par value and issue price of each bond is Rmb 100. The bonds bear a fixed annual interest rate of  4.45%. Subscription to and trading of the bonds is only available in China to institutional investors of China’s  National Inter-bank Bond Market. All the proceeds from the issuance of the bonds are used by Yuchai as  working capital. In August 2013, the bonds amounting to Rmb 1 billion were fully repaid upon its maturity. Yuchai received approval from NAFMII for the issuance of RMB-denominated unsecured short-term financing  bonds amounting to Rmb 690 million. The bonds were issued on November 22, 2011 and matured on  November 23, 2012. The par value and issue price of each bond was Rmb 100. The bonds bore a fixed annual  interest rate of 5.77%. Subscription to and trading of the bonds was only available in China to institutional  investors of China’s National Inter-bank Bond Market. All the proceeds from the issuance of the bonds were  used by Yuchai as working capital. In November 2012, the bonds amounting to Rmb 690 million were fully  repaid upon its maturity. Yuchai received approval from NAFMII for the issuance of RMB-denominated three-year unsecured medium- term notes (“Notes”) amounting to Rmb 1.6 billion. On May 28, 2013, Yuchai issued the first tranche of the  Notes amounting to Rmb 1 billion. The par value and issue price of each Note is Rmb 100. The fixed annual  interest payable on the Notes is 4.69% which is the rate as of May 30, 2013. The maturity date of the Notes is  May 30, 2016. Subscription to and trading of the Notes is only available in China to institutional investors of  China’s National Inter-bank Bond Market. The first tranche of the Notes was underwritten by China CITIC Bank  Corporation Limited. The proceeds from the issuance of the Notes are to be used by Yuchai to repay bank loans  and for working capital purposes. China Yuchai International Limited | Annual Report 2013 95