Unearthing Dim Sum demand

摘要

Two well-known foreign issuers last week proved the offshore renminbi bond market remains open for business despite a slump in the renminbi exchange rate. Caterpillar financial servicesattracted orders of Rmb7.3bn for Monday's Rmb1.25bn two-year deal and pulled pricing to a final yield of 2.95%, well inside initial guidance of around 3.3%. BP capital markets priced Rmb1bn of five-year notes at a 3.65% yield, 22bp tighter than initial indications of around 3.875%.