Formosa issuers save 15bp over dim sum

Chinese banks have an opportunity to achieve more favourable pricing for their renminbi-denominated bonds sold in Taiwan than bonds sold in Hong Kong, though the window may disappear quickly.

  • 05 Dec 2013

Issuers of renminbi-denominated bonds into Taiwan’s Formosa market are expected to see savings of 5bp-15bp over their dim sum equivalents in Hong Kong, as they pay greater yields than other Taiwanese investments.

Yet, as dealers prepare for greater supply, issuers may find the opportunity is fleeting.

“There is a ...

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