Flight to safety whets appetite for Chinese dim sum

Splendid isolation: China's Ministry of Finance pushes ahead with its Rmb20 billion dim sum bond, ignoring the market rout.
<div style="text-align: left;"> An advert for China's dim sum bonds outside Bank of China in Hong Kong </div>
<div style="text-align: left;"> An advert for China's dim sum bonds outside Bank of China in Hong Kong </div>
August 11, 2011

Undeterred by the turmoil in global financial markets, the Chinese government is throwing its weight behind the nascent offshore renminbi market with plans to auction a massive Rmb20 billion $3.1 billion dim sum bond, its biggest to date.

The bonds, issued by China’s Ministry of Finance MoF, are planned for next week and will be divided between a Rmb15 billion institutional tranche and a Rmb5 billion retail tranche. Bank of Communications HK, the lodging agent for the institutional tranche, organised an investor lunch in Hong Kong on Monday this week.

Bank of China HK and HSBC are joint global coordinators and arrangers for the...

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