first national sovereign dim sum

Investors clamour for landmark UK dim sum

The first renminbi bond by a foreign nation has received hefty investor demand and has set a pricing benchmark for issuers.

The UK government has attracted about Rmb6 billion $980 million of orders for its Rmb3 billion debut renminbi bond, establishing a sound market for other sovereign issuers.

The yield of the three-year dim sum bond, the first issued by a foreign national government, was set late on Tuesday at 2.7%.

It generated Rmb5.8 billion of demand from 85 investors, allowing the government to upsize the amount it expected to borrow from Rmb2 billion to Rmb3 billion and tighten the price from initial guidance of 2.9% to 2.7%.

“The double coverage ratio may not be a big number if put in the Asian dim...

¬ 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 (2-10 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 (2-10 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