China Minmetals 3.65% three-year Regulation S
bond was the largest single-tranche offshore renminbi bond
among China's five state-approved issuers;
The bond mitigated risk related to State Adminstration
of Foriegn Exchange (SAFE) registration with a put option
rather than placing funds in offshore escrow, signaling that
investors are more comfortable with these
Expect more SOEs to issue offshore renminbi bonds in
the future, although funding costs are a
Chinese state-owned entity (SOE) China Minmetals last month
issued the largest single-tranche offshore renminbi bond among
state-approved issuers. Here's how these issuances have evolved
since Baosteels first offshore renminbi bond.
The RMB2.5 billion three-year bond, issued under Regulation
S, priced at 3.65% on 21 March. It represents the
companys first bond in the global...