The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

FX news: McDonalds serves up first RMB-denominated corporate bond issue

Upon the announcement that Chinese authorities were opening up the mainland bond market we speculated that the position of offshore centres could be undermined. But centres such as Hong Kong will continue to expand RMB business. With the mainland bond market being dominated by central bank bills, government and financial institution bonds, perhaps the way forward for Hong Kong is international corporate issuance.

Standard Chartered this week announced the launch of a remnimbi- denominated corporate bond for McDonald’s Corporation.

According to the press release it is the first RMB bond issued in Hong Kong for a foreign corporate: “The RMB 200 million 3% notes due September 2013, was targeted at institutional investors. The bond offering generated good investor interest for its high credit quality, name recognition and rarity value.

“It is the first ever RMB bond launched for a foreign multinational corporate in the Hong Kong debt capital market signifying the commencement of a new funding channel for international companies to raise working capital for their China operations. It is also a significant contribution to the development of the off-shore RMB debt capital market in Hong Kong”

So at least Standard Chartered still appears bullish on the offshore China bond market.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree