Greentown taps dim sum arbitrage opportunity

Greentown China adds to the widening high-yield dim sum bond universe with a Rmb2.5 billion debut deal.

Greentown taps dim sum arbitrage opportunity
Chinese property developers are starting to take advantage of dim sum issuance

Greentown China tapped the market on Monday night with a Rmb2.5 billion $405 million debut three-year dim sum bond, becoming the latest China property company to take advantage of liquidity in the dim sum bond market.

The deal offered cost savings compared to the dollar market and Greentown attracted an order book in excess of Rmb16 billion $2.6 billion, suggesting there was still plenty of unfulfilled demand that other borrowers could potentially tap.


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