China Financial Services breaks dim sum lull

The first deal after Chinese New Year indicates a difficult start for the offshore renminbi bond market in the year of the goat.

China Financial Services has raised Rmb300 million $49 million through its first renminbi-denominated bond in Hong Kong.

CFS, a Hong Kong-listed financial service provider in northern China for small and medium-sized enterprises, priced the three-year note at a yield of 6.75%, the same as the guidance.

The deal is the first dim sum insurance since the Chinese New Year and will test the renminbi bond market as issuance has been quiet.

The deal attracted strong interest, with investors liking the company’s business. Fund managers bought 30% of the notes, while private banks, banks and other investors took 39%, 26% and 5%, respectively.

...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222