High-yield dim sum is back ... but investors want pandas

An Indian issuer breaks a long drought in the high-yield offshore renminbi market. But it is onshore panda bonds that are getting investors excited.

High-yield dim sum is back ... but investors want pandas

The moribund offshore renminbi bond market got a shot in the arm on Thursday, with the arrival of its first high-yield deal in some 18 months. But investors with a craving for so-called dim sum bonds may be disappointed panda bonds are set to devour all in their path.

ILFS, an Indian roads and infrastructure firm, Rmb900 million $138 million from an upsized three-year dim-sum bond on Wednesday. On the face...

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