Shui On Land debuts with property sector's first offshore renminbi bond

Property developer Shui On Land yesterday priced Rmb3 billion of three-year renminbi-denominated bonds. Investors piled into the deal, resulting in an impressive Rmb32 billion order book.

This story has been corrected to reflect that this is not a dim sum bond tapping an offshore renminbi pool, but rather a renminbi-denominated bond that is sold offshore and settled in US dollars.

 

Even as the year winds down, the offshore renminbi bond market continues to reflect unquenchable investor appetite.

Shanghai-headquartered Shui On Land yesterday became the first property company to sell an offshore renminbi-denominated bond, as it priced Rmb3 billion $450 million...

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