Dim Sum market makes healthy start to 2014

The London branch of Bank of China raised Rmb2.5 billion $413 million on Thursday night the largest renminbi bond in the city from a commercial financial institution.

As a comparable, Industrial and Commercial Bank of China issued Rmb2 billion bonds in London through dual-tranche notes in November. Its Rmb1.7 billion three-year tranche was priced at 3.35%.

It is also the first issue from the London branch of any Chinese bank to the offshore renminbi market.

“The deal will not only diversify our fundraising channels but also provide one more renminbi product for local investors,” a spokesperson with BOC’s London Branch told FinanceAsia...