dim sum bond

Mongolia becomes the second non-Chinese sovereign after the UK to issue dim sum bonds as it embarks on a new foreign fundraising programme.

Two Chinese state-owned companies have opened books for dim sum bonds despite currency market volatility.

Given the incentive of the high coupon of 10%, the issue provides an interesting investment alternative for CNH bond investors and further diversifies the offshore renminbi bond market.

Four Chinese developers rush to the dim sum market this week as investors chase the renminbi in hopes of currency appreciation.

After a slow year compared to dollar bonds, the dim sum market enjoys a burst of late activity.

With swaps in their favour, more foreign borrowers could be encouraged to tap the market, though dim sum bonds are showing signs of stress following a possible breach of covenants by Global Bio-chem.

More European and US borrowers could follow ANZ in tapping the dim sum market as swaps move in their favour.

With the renminbi no longer a one-way bet, China's Ministry of Finance is expected to have to pay up for its upcoming dim sum bond.

An influx of Chinese borrowers will reduce credit spreads in the dim sum bond market and leave investors feeling hungry for greater diversity.