Clifford Chance has advised the joint lead managers on China Development Bank’s (CDB) 2.5 billion yuan ($390 million) dim sum bond issuances, which include 1.5 billion yuan 2.95 percent bonds due 2015 and 1 billion yuan 4.3 percent bonds due 2032, the longest tenor ever for a dim sum bond.
The joint lead managers include Bank of China (Hong Kong), Bank of Communications Co, Barclays, HSBC, Standard Chartered Bank, and the Industrial and Commercial Bank of China (ICBC).
The transaction was led by Hong Kong-based capital markets partner Connie Heng.
“The market for dim sum bond issuance has certainly cooled, but we are seeing continued investor appetite for dim sum bonds issued by Chinese SOEs,” said Heng. “Longer maturities are also attractive as it provides investors with a broader range of options for fixed income streams, and we’re seeing RMB bonds evolving to become a more mainstream product.”
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter:@ALB_Magazine.
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