Dim sum bonds for CDB and Sinotruk reflect investor favouritism

China Development Bank establishes an important 20-year benchmark for the dim sum market, while Sinotruk prices a Rmb1.8 billion bond.

Dim sum bonds for CDB and Sinotruk reflect investor favouritism

Two Chinese state-owned entities China Development Bank and truckmaker Sinotruk crossed the line with bond issues late last week.

CDB priced a Rmb2.5 billion $390 million offshore renminbi bond late Thursday night, comprising the longest-dated dim sum ever sold, a Rmb1 billion 20-year bond that priced to yield 4.3% and a Rmb1.5 billion three-year bond, which priced to yield 2.95%. Sinotruk ended up paying a 4.5% yield for its Rmb1.8 billion two-year dim sum bond....

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