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China: Dim sum fever leaves investors starving for yield

Unilever prices just over 1%; Renminbi IPO in HK meets caution

RMB Offshore (Dim Sum) Bond Bookrunner Ranking
2011 YTD
Bookrunner parents Deal value ($mln) No. % share
1 HSBC 672 8 30.5
2 Deutsche Bank 287 2 13.0
3 CITIC Securities 264 1 12.0
4 DBS 169 2 7.7
5 RBS 124 3 5.6
6 JPMorgan 99 1 4.5
7 Haitong Securities 96 1 4.3
7 Bank of China 96 1 4.3
9 Bank of Communications 76 1 3.5
10 ING 70 1 3.2
Source: Dealogic

The mismatch between investor demand and the supply for renminbi-denominated debt issued in Hong Kong is driving yields ever lower. The three multinational companies to have tapped the market so far offer clear evidence of the trend: the first, McDonald’s Corporation, issued three-year paper in August 2010 at 3%. Next came Caterpillar in December with a two-year note at 2%. Then, in March this year, Unilever came to the market with a three-year deal yielding just 1.15%.

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