China Merchant bond

China Merchants closes Rmb3 billion dim sum bond

Gloomy global sentiment helps to depress demand for China Merchants' dim sum bond, as investors start to shy away from the offshore renminbi market.
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);">
Photo: ImagineChina</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: ImagineChina</div>

China Merchants Holdings yesterday morning priced a Rmb3 billion $463 million dual-tranche dim sum bond. The offshore renminbi market has stayed open even as international worries helped close the dollar market, but dim sum bonds are now having a harder time as well.

The deal attracted a total orderbook of Rmb3.6 billion, which fell short of the Rmb4 billion deal size that was initially talked about. The company was also considering a benchmark dollar bond either as a replacement for the dim sum bond or in addition to it but eventually settled on printing only the dim sum portion.

The notes were issued by Rainbow Days and...

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