Baosteel ‘belly’ dance broadens dim sum curve

Dim sum investors have long concentrated on the short-end of the curve, buying three year deals or less as they attempt to sync their tenors with their expectations of currency appreciation. But debt buyers are increasingly willing to accept lower yields to move out along the curve — and Baosteel Group Corp took advantage this week, raising more than half of its Rmb2.9bn ($460m) deal in its longest-dated tranche.