Societe Generale to repatriate proceeds of dim sum bond

French bank Societe Generale lends the proceeds of its renminbi bond to a China subsidiary, while CNPC uncorks big demand for its dual-tranche dollar bond.

Societe Generale to repatriate proceeds of dim sum bond
Photo: AFP

French bank Societe Generale closed its debut Rmb500 million $79 million three-year dim sum bond on Friday evening. So far, foreign banks that have tapped the dim sum market are thought to have kept their proceeds offshore, but SG will repatriate the funds to one of its mainland subsidiaries through an intra-group loan.

“We believe this is the first time a foreign bank has issued a dim sum bond and has approval to repatriate...

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