Exotic bonds

Intime and Thailand access alternative bond investors

Intime Department Store taps the high-yield dim sum market, while Thailand addresses inflationary fears with its first inflation-linked bond.

Asia’s primary debt markets took on an exotic flavour at the end of last week. Signs emerged that Chinese high-yield borrowers might make a sustainable return, while Thailand met investors’ anxieties about rising consumer prices by issuing its first inflation-linked bonds.

Intime Department Store Group raised Rmb1 billion $155 million through a three-year dim sum bond in the offshore renminbi market. It was the first issue from a non-state linked Chinese high-yield borrower in any currency since the controversy over Sino-Forest blew up in early May. It was also the lowest coupon to date for a high-yield issue in the dim sum market.

The notes pay...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222