This story has been corrected to reflect that this is not a dim sum bond tapping an offshore renminbi pool, but rather a renminbi-denominated bond that is sold offshore and settled in US dollars.
Even as the year winds down, the offshore renminbi bond market continues to reflect unquenchable investor appetite.
Shanghai-headquartered Shui On Land yesterday became the first property company to sell an offshore renminbi-denominated bond, as it priced Rmb3 billion $450 million worth of three-year Reg-S notes. It was also the first issuer to sell a synthetic offshore renminbi bond in the public market.
The senior bonds pay a coupon of 6.875%, at the tight...