Dim sum players reflect on push for covenants

Dim sum bond investors are becoming increasingly aggressive, demanding tighter covenant packages that could put issuers off bringing deals. Bankers and investors see it as a sign of the greater maturity and efficiency of the growing market.

  • 10 Nov 2011
Some $21.5bn of offshore renminbi bonds have been sold this year, according to Dealogic data. These deals are more likely to feature stronger covenant packages than issues sold in 2010 but they still offer investors little protection when compared to dollar bonds. This has partly been because investors ...

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