Taiwanese lifers pull weight on Chexim 15-year bond

Export-Import Bank of China Chexim priced a Rmb2 billion $313 million dual-tranche dim sum bond on Monday night, reflecting the continued investor appetite for exposure to long-dated offshore renminbi bonds.

Chexim is a policy bank, rated Aa3AA-A, and viewed by investors as having sovereign status. Its bonds are also one of the few dim sum bonds that are eligible as repo collateral at Bank of China in Hong Kong and, as a result, asset-liability managers that normally would not buy the bonds were able to participate.

The deal comprised a Rmb1 billion five-year bond and a Rmb1 billion 15-year bond, which attracted Rmb2.3...