The offshore renminbi-denominated bond market has seen its first dual-market issue through a Rmb1 billion $164 million deal from Export-Import Bank of Korea Kexim.
Kexim adopted the structure last week when it issued Rmb500 million in each of Taiwan’s Gretai Securities Market and Singapore’s stock exchange.
“The issuer would like to develop the renminbi market, besides purely raising funds,” said a source familiar with the situation. “The dual-market issue is the best way to develop both the Taiwan and Singapore market at the same time.”
Kexim becomes the first issuer from Korea to tap Taiwan’s renminbi-denominated bond market, also called the Formosa bond...
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