China Development Bank kicks off dim sum bonds

Asia’s dollar bond market got off to a roaring start last week, and the dim sum market is now following suit. China Development Bank CDB is in the market this week with a multi-tranche offshore renminbi bond to raise up to Rmb6 billion $949 million, according to market sources.

The deal will establish a new benchmark, offering investors a 15-year tenor through a publicly marketed deal for the first time. It will be sold to institutional investors through two channels an auction and a bookbuilding process. The three- and five-year tranches will be sold by auction and are expected to raise a combined Rmb3 billion to Rmb4 billion $475...