Dim sum banquet

China's dim sum banquet lacking variety

An influx of Chinese borrowers will reduce credit spreads in the dim sum bond market and leave investors feeling hungry for greater diversity.
Variety is the key to good dim sum

China is showing further commitment to developing the offshore renminbi bond market in Hong Kong by introducing more mainland issuers, but there is a danger that this will reduce credit spreads and cause investors to tire of the influx of Chinese borrowers.

China’s top planner, the National Development and Reform Commission NDRC, has announced six requirements for non-financial companies to issue dim sum bonds in Hong Kong. It remains to be seen exactly how many borrowers will hit the market and with what size of deals, but clearly many mainland companies will join a market...

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