HSBC dim sum

HSBC issues first renminbi bond in London

HSBC issues a Rmb2 billion renminbi bond and allocates 60% to European investors, a sign that renminbi deposits in London have hit critical mass.

HSBC priced a Rmb2 billion $317 million three-year international renminbi bond early this morning the first to be launched outside of Hong Kong. It will be issued in London and listed on the London Stock Exchange.

“We are proud to be able to issue this bond. It represents another step in London’s development as a premier international trading centre for the renminbi and is an early sign of the huge potential that this market represents,” said Stuart Gulliver, HSBC group chief executive in a press release.

The Rmb2 billion bond priced at a yield of 3%, at the revised guidance and at the tight end of the...

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