Asia credit investors scrabble for offshore renminbi bonds
A taste for dim sum
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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