Asia Risk Congress 2011: Offshore renminbi bonds held back by illiquidity in longer tenors

Hong Kong protection

The fledging offshore renminbi bond market in Hong Kong – whose instruments are dubbed 'dim sum' bonds – is being held back by a lack of longer-tenor issuance, according to speakers on a panel discussion at the Asia Risk Congress 2011 today.

At the moment, the market is focused on maturities of three to five years, which means few Hong Kong blue-chip companies are tempted to tap the 158 billion yuan (US$24.7 billion) outstanding bond market.

Part of the reason for lower long-term issuance is the

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