Offshore renminbi bond market to take off in 2012

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One of the biggest success stories of the past 12 months has been the growth of the offshore renminbi (CNH) bond market, as investors sought to gain exposure to a sharp appreciation of the Chinese yuan. The enthusiasm for the notes – dubbed dim sum bonds – accompanied a surge of new issuance, with some CNH113 billion (US$17.9 billion) in supply hitting the market in 2011, up from CNH36 billion the previous year.

With funding rates as low as 1%–2%, demand was easily matched by issuers ranging fro

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