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State Grid sells record 14.9 billion yuan dim sum bonds in Hong Kong

The offering was oversubscribed, drawing orders of 193.8 billion yuan, more than 13 times the amount sold.

Reported · Written up by our desk · China

Hong Kong’s offshore yuan, or dim sum bond, market notched another record deal as State Grid Corporation of China raised 14.9 billion yuan through yuan-denominated bonds sold in the city.

According to an SCMP Economy report, Bank of China, which acted as a joint global coordinator, said the issuance included 3.9 billion yuan of five-year bonds priced to yield 1.86 percent, 7 billion yuan of 10-year notes at 2.18 percent, and 4 billion yuan of 20-year debt at 2.46 percent.

The bank said investor demand hit a record high, with orders totaling 193.8 billion yuan, or more than 13 times the amount on offer.

The deal follows ongoing growth in Hong Kong’s dim sum market, with nearly 500 billion yuan of offshore yuan bonds sold in the first seven months of the year, and Bank of China underwriting more than 100 billion yuan during the period, the report added.

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