IL&FS cooks up first HY dim sum since 2016

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By Morgan Davis
11 Jan 2018

India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

Last year just 14 public offshore renminbi deals (including Formosa bonds) worth Rmb25.06bn were sold, according to GlobalRMB data. Investment grade issuers sold all of those bonds, and financial issuers also made up a large chunk of the borrowers. That trend continued as Australia’s Westpac Banking Corp on ...

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