An appetite for dim sum bonds from top state-owned enterprises (SOEs) is still evident, said the partner who led the deal on China Development Bank’s (CDB) latest benchmark 20-year issuance.
But she added more could be done to improve the Hong Kong Stock Exchange’s competitiveness in debt listings.
Clifford Chance advised the joint lead managers on CDB’s RMB2.5 billion (US$390 million) bond issuance, which comprised RMB1billion un 4.3% bonds due in 2032 and RMB1.5billion worth of 2.95% bonds due in 2015. The former is the longest tenor yet for a dim sum bond and sets a new 20-year benchmark for the market.
