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....