A return to China's offshore yuan bond markets, or "dim sum” as they are colorfully known in Hong Kong, may be sweet for Gemdale, a mainland property developer. But not all fund managers are smiling. The company raised five-year money at 5.63% amounting to 2 billion yuan. Not bad, considering that last July, it raised a lesser sum for a shorter tenor while coughing up nearly double of what it paid this time around. Add the fact that it did so by keeping to the same weak bond covenant and Gemdale seems to have pulled off a stunner.
from Financial Regulatory Forum:
HONG KONG, Aug. 31 (Business Law Currents) - Yuan supporters both inside and outside of China are applauding anticipated regulatory changes in Hong Kong aimed at loosening capital controls over the renminbi, China’s national currency.