Record year beckons for dim sum bonds

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“Dim sum” bonds, offshore renminbi debt issued mostly in Hong Kong, are headed for a record year.

Offshore issuance has already reached about Rmb475bn in 2025 to end-August, propelled by cheaper onshore rates and a broader base of issuers and buyers, according to Bloomberg data.

Against that backdrop, Standard Chartered is positioning itself as an arranger of choice for cross-border RMB funding, with Hong Kong as the hub.

Diversification is emerging as a key theme for issuers accessing the local currency market, alongside rate considerations, says Keith Cheung, the bank’s head of debt syndicate for Greater China and North Asia.

“Dollar yields remain relatively high even with cuts being priced; RMB coupons look attractive by comparison for many issuers,” he explains.

The mismatch in funding costs, he argues, is nudging treasurers to explore CNH tranches alongside dollars and euros. 

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