World Bank adds prestige to dim sum

30 May 2013

The International Bank for Reconstruction & Development (IBRD) issued the largest supranational dim sum bond on May 31, raising the profile of offshore renminbi bonds in a market dominated by high yield borrowers from China.

The sweet spot in market and swapping dynamics allowed IBRD, also known as the World Bank, to launch a Rmb1.7bn ($277m) one year global deal at a 2% coupon.

“They have a variety of funding objectives in terms of pricing and timing. The one year in the dim ...

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