Dim sum flurry

Dim sum flurry: Hainan Airlines, Air Liquide, BP price bonds

Hainan Airlines, Air Liquide and BP price dim sum bonds this week, but their differing reception indicates that investors prefer safe names.
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An advert for dim sum bonds in Hong Kong, where investors are starting to become more picky
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<div style="text-align: left;"> An advert for dim sum bonds in Hong Kong, where investors are starting to become more picky </div>

A flurry of foreign borrowers came to the dim sum bond market this week, and their experience suggests that investors are becoming increasingly choosy and focusing on names with strong brand recognition.

Mainland carrier Hainan Airlines yesterday priced its Rmb1 billion $156 million dim sum bond at a yield of 6%. Deutsche Bank, J.P. Morgan and Wing Lung Bank were joint bookrunners. Hong Kong International Securities was a co-lead manager. Wing Lung Bank was added as a bookrunner late in the process and is said to have put in a sizeable order.

The deal gathered an order book of Rmb1.3 billion from Asian accounts. Private banks were...

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