Societe Generale to repatriate proceeds of dim sum bond

French bank Societe Generale closed its debut Rmb500 million $79 million three-year dim sum bond on Friday evening. So far, foreign banks that have tapped the dim sum market are thought to have kept their proceeds offshore, but SG will repatriate the funds to one of its mainland subsidiaries through an intra-group loan.

“We believe this is the first time a foreign bank has issued a dim sum bond and has approval to repatriate the money back onshore,” said Yves Jacob, head of debt capital markets for Asia-Pacific at SG. “The proceeds will go towards our onshore subsidiary, SG Equipment Leasing, which lends to small-to-medium companies onshore.”...