China Merchants closes Rmb3 billion dim sum bond

China Merchants Holdings yesterday morning priced a Rmb3 billion $463 million dual-tranche dim sum bond. The offshore renminbi market has stayed open even as international worries helped close the dollar market, but dim sum bonds are now having a harder time as well.

The deal attracted a total orderbook of Rmb3.6 billion, which fell short of the Rmb4 billion deal size that was initially talked about. The company was also considering a benchmark dollar bond either as a replacement for the dim sum bond or in addition to it but eventually settled on printing only the dim sum portion.

The notes were issued by Rainbow Days and...