Blow-out on ‘dim sum’ bonds fuels boom in offshore rates options

Swaptions on USD/CNH swaps enjoy boost as investors adopt ‘all-you-can-eat’ approach to callables

Credit: montage

Anyone who’s enjoyed dim sum knows how moreish it can be. Once you’ve tasted your first steamed bun, it’s easy to get through an entire trayful.

Investors from mainland China have found it similarly hard to exercise moderation when consuming the callable variety of ‘dim sum bonds’, a term widely used to describe notes denominated in offshore renminbi (CNH). The feasting began in September 2021 when the China-Hong Kong Bond Connect scheme launched its Southbound channel, which offers mainland

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