BRI bonds: new rules fall short on perks and clarity

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By Noah Sin
08 Mar 2018

Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.

Since China launched the Belt and Road Initiative (BRI) in 2013, there have been no shortage of banks and issuers jumping on the BRI bandwagon when selling bonds in the Chinese and international markets, from Bank of China’s $4bn multi-currency combo to China Merchants Port (CMP)’s ...

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