HSBC makes rare foray into floating rate dim sum
HSBC China sold a rare floating rate dim sum bond at the end of last week, offering a slight premium over where it could have priced a fixed rate deal — and offering a benchmark to other issuers that might consider what bankers think is still likely to be a rare format in the market.
The bank sold a Rmb1bn ($160.5m) two year transaction, which it priced at 60bp inside the Shanghai interbank offer rate (Shibor) to yield 3.29%. It was a rare example of a floating rate in a market that remains dominated by fixed rate paper.
Most banks use the proceeds from
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