Asia credit investors scrabble for offshore renminbi bonds
The expansion of the Hong Kong renminbi bond market continues to gather pace, with recent firsts including an unrated deal, a debut from a Russian borrower and even a synthetic offering. Importantly, the transactions are even beginning to attract interest from buyers outside of Asia.
Rarely has a new market evolved so quickly as the offshore renminbi bond market. Even its nickname has been a swift affair: the term ‘dim sum bond’ only started appearing in October, competing with the somewhat dry predecessor ‘CNH bond’, and has since become ubiquitous. And less than a year after liberalisation measures that dramatically broadened the pool of potential issuers, the market has transformed in tenor, the credit curve, size and distribution.
“The development of the market has been
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