- Deutsche Bank was the first foreign issuer to
offer Bao Dao bonds, or offshore renminbi bonds cleared in
- The deal was offered to both institutional and
retail investors. This is unusual for dim sum offerings
– those in Hong Kong are limited to institutional
- But new regulations in Taiwan could deter further
issuances to retail investors; regulators are looking to
tighten regulations on retail offerings while loosening
regulations on institutional offerings.
Deutsche Bank’s Taiwan dim sum bond,
or Bao Dao bond, was issued to retail investors. It may be the
start of a trend, but it depends on local regulations.
Although Hong Kong has been the home of offshore renminbi
(RMB), or dim sum bonds, the market has recently expanded to
Taiwan and Singapore as both...