Four years after coming into existence, Hong Kong’s nascent market for renminbi- denominated bonds – a core plank in China’s drive to internationalise its currency – has burst into life.
The so-called dim sum bond market, named after the bite-size delicacies served in Hong Kong tea houses, has already seen more deals this year than in the whole of 2010.
Unilever, the European consumer group, and BYD, the Chinese carmaker backed by Warren Buffett, are among the 22 issuers that have raised a total of Rmb19.1bn ($2.9bn) through dim sum bond sales since January.
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