Baosteel issues biggest corporate dim sum bond

Baosteel, a Chinese state-owned steelmaker, became the first mainland company to tap the dim sum market directly on Friday morning when it closed a Rmb3.6 billion $564 million offshore renminbi bond the largest corporate dim sum issue to date.

Baosteel is the biggest of the three Chinese steel producers under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council and was the first PRC-incorporated company to win approval from the National Development Reform Commission to issue an offshore renminbi bond directly in Hong Kong.

Mainland companies and financial institutions have an overall quota of Rmb50 billion for direct issuance in the...