Beating unfamiliarity: RMB SBLCs help smaller names tap dim sum

Two small Chinese issuers have come to the dim sum market with renminbi-denominated standby letters of credit (SBLCs) from Agricultural Bank of China (ABC). Such SBLCs have only been used on dollar deals before, and many market participants reckon the two new issues are setting an example for other small or unfamiliar names that want to tap dim sum.