Momentum is continuting in Hong Kong's bond market as State Grid Corporation of China, a global utlility giant, issues new multi-tranche CNH-denominated dim sum bonds which are expected to list on the Hong Kong Stock Exchange (HKEX) on August 21.
The offering comprises five-year, 10-year and 20-year tranches totalling Rmb14.9 billion ($2.21 billion), and is the largest dim sum bond issuance by a state-owned enterprise (SOE) so far this year. The five-year tranche is understood to be for Rmb3.9 billion at 1.86%; the 10-year tranche is for Rmb7 billion at 2.18%, and the 20-year tranche is for Rmb4 billion at 2.46%. The issuance was oversubscribed by over 13 times.
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