Repo-linked renminbi floaters fail to excite investors

Muted demand dents China’s hope for repo fixing to become debt market’s benchmark of choice

DR-versus-Shibor montage

China’s plans for a repo-based benchmark to act as its preferred fixing in domestic financial markets have been dealt a blow, with dealers reporting a lukewarm market reception for bonds referencing the rate.

Export-Import Bank of China issued the first floating rate note pegged to the Depository Institutions Repo Rate (DR) last December. The 3 billion yuan ($460 million) six-month note priced at 2.6%, a 44 basis point spread over seven-day DR.

“The secondary liquidity for this floating rate

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