China has sold Rmb20bn (US$3.1bn) of sovereign bonds in Hong Kong, the biggest offshore renminbi bond issuance, meeting huge demand from investors clamouring for assets in the Chinese currency.
The Chinese finance ministry issued Rmb15bn in bonds to institutional investors, with the remaining Rmb5bn directed at retail investors. That total dwarfed the Chinese ministry’s Rmb8bn issue in Hong Kong last November.
But the extremely low yields on the deal also served as a reminder that despite generating much excitement, the fast-growing renminbi market in Hong Kong is currently heavily tilted in borrowers’ favour because of a dearth of investment options.
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