strong-offshore-demand-for-renminbi-bond

Strong offshore demand for renminbi bond

China Development Bank attracts considerable demand from Hong Kong for the first renminbi-denominated bond launched outside the Mainland.
China Development Bank, China's largest policy bank, is due to price the first renminbi-denominated bond launched outside the Mainland today via Bank of China and HSBC.

Total demand for the Rmb5 billion two-year offering reached Rmb11.5 billion on Friday. Offered in two tranches to retail and institutional investors, the book sizes stood at Rmb4 billion and Rmb7.5 billion respectively.

At the time of writing, tranche sizes had not been determined, but sources say retail investors will have access to at least Rmb1 billion worth of bonds. This amount may be upsized, however the total size of the deal will not exceed the allocated Rmb5 billion authorised by the PeopleÆs Bank of China.

The bonds...
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