Chinese SOEs kick-off Q2 dim sum issuance

Two Chinese state-owned companies have opened books for dim sum bonds despite currency market volatility.

The Export-Import Bank of China Chexim, a Chinese state policy bank, and Sinochem, a large mainland conglomerate, have issued dim sum bonds, kicking off second-quarter issuance.

Chexim is selling three-tranche notes with tenors of 2, 5 and 10 years to fund Renminbi-denominated export credits extended by the issuer and for general purposes, while Sinochem is offering three-year tenor bonds.

The deals kicked off the dim sum bond market in the second quarter, following the $15.5 billion -- nearly half of total 2013 issuance of $33.5 billion-- dim sum bond binge in the first quarter.

However, analysts and bankers do not expect the second-quarter...

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