BC back with bigger and longer deal

摘要

The Canadian Province of british columbia underlined its growing ambitions in the offshore renminbi market last week with its second Dim Sum bond, at a bigger size and longer tenor.rnDuring New York hours last Tuesday, the semi-sovereign issuer printed Rmb3bn (US$490m) of two-year SEC-registered notes at 2.85%, the top end of the final indicative range of 2.80%-2.85%.rnThe new deal, the largest Dim Sum offering from a Triple A rated issuer, drew orders of over Rmb6.5bn from 54 accounts.rnTriple A rated Dim Sum bonds are in short supply with only a handful of offerings from SSA issuers this year, including the UK, IFC and ADB. The SEC-registered format is also rare in an offshore renminbi market in which Reg S deals dominate.