Trade and Development Bank of Mongolia has priced the first renminbi-denominated bonds from the country, raising Rmb700 million $115 million at a10.0% yield, a record high coupon for a dim sum offered by a bank issuer.
The first dim sum bond from Mongolia, a neighbor with a complicated history and relationship with China, provides an interesting investment alternative for CNH bond investors and further diversifies the offshore renminbi bond market.
“High-yield dim sum bonds are usually issued by Chinese property developers. Now a foreign bank joins in the party and we believe that issuers in other types will also consider such financing,” said a source familar with...
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