Russia’s second biggest bank will become the first emerging market issuer of “dim sum” bonds denominated in renminbi, in a sign of China’s growing presence in financial markets.
VTB Bank plans to issue Rmb1bn in three-year bonds, expected to yield about 3.125 per cent, according to people familiar with the situation.
Only two foreign companies, McDonald’s in August and Caterpillar last month, have issued “dim sum” bonds, which are issued in Hong Kong, where the offshore market is developing.
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