Issuances for offshore Rmb bonds now exceed Rmb1 trillion -- transitioning from a policy ambition to a commercial solution in less than two decades. Christopher Chu examines the trend, which started in 2007, as part of FA’s 30th anniversary coverage.
The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.
Dim sum bonds will continue to attract global investors over the course of 2023. At FA’s recent China Fixed Income event, Stanley Chan discussed the success of Bond Connect to date.
The Russian bank on Thursday priced its second dim sum to raise Rmb1 billion, with the highest distribution percentage to European investors in the CNH market.
Panellists at an AsianInvestor/FinanceAsia conference see rising focus on credit quality and expect more issuers to seek credit ratings before launching offshore RMB bonds.
Michael Petit, Standard & Poor’s managing director and head of corporate and government ratings for Asia-Pacific, examines the driving forces behind the development of the dim sum market, its main agents, and likely evolution.
Royal Bank of Scotland lists the events that have shaped the CNH market so far and gives a full picture of the current state of the market and its outlook.
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