Two issuers took advantage of Beijing’s continuing drive to internationalize the renminbi, using the looser restrictions on offshore issuance to complete debt deals in Hong Kong last month.
Hopewell Highway Infrastructure became the first non-mainland-domiciled corporate to issue renminbi-denominated bonds outside the People’s Republic when it raised Rmb1.38 billion ($203 million) in two-year notes, with Bank of China acting as sole bookrunner. The company, a Hong Kong-based toll road operator, will use the funds to help finance the construction of an expressway in China’s Pearl River delta region.
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