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Dim Sum Bonds: The Offshore Renminbi (RMB)-Denominated Bonds

Book Description

A comprehensive guide to understanding and assimilating into dim sum bond markets

The expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB.

  • Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond market

  • Explains the rapidly expanding dim sum bond market and puts readers ahead of the curve

  • Landmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald's) are discussed in detail.

Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.

Table of Contents

  1. Cover
  2. Praise for Dim Sum Bonds
  3. Series
  4. Title Page
  5. Copyright
  6. Dedication
  7. Preface
    1. ORGANIZATION OF THIS BOOK
  8. Acknowledgments
  9. Acronyms and Key Terms
  10. Chapter 1: New Market—Developments, Opportunities, and Challenges
    1. 1.1 INTRODUCTION
    2. 1.2 OVERVIEW OF THE DIM SUM BOND MARKET
    3. 1.3 POLICIES SUPPORTING THE GROWTH OF OFFSHORE RENMINBI
    4. REFERENCES
  11. Chapter 2: Offshore RMB-Denominated Bonds—Dim Sum Bonds
    1. 2.1 DEFINITION
    2. 2.2 BOND ISSUE CHARACTERISTICS
    3. 2.3 CONCLUSION
    4. REFERENCES
  12. Chapter 3: Issuers
    1. 3.1 ISSUERS
    2. 3.2 CLASSIFICATION OF ISSUERS BY TYPE OF ORGANIZATION
    3. 3.3 CLASSIFICATION OF ISSUERS BY INDUSTRY
    4. 3.4 CLASSIFICATION OF ISSUERS BY DOMICILE AND BY DEAL NATIONALITY
    5. 3.5 MOTIVATIONS BEHIND ISSUERS
    6. 3.6 CONCLUSION
    7. REFERENCES
  13. Chapter 4: Investors
    1. 4.1 INVESTOR TYPE AND MIX
    2. 4.2 MOTIVATION
    3. 4.3 RISK/RETURN ANALYSIS
    4. 4.4 CONCLUSION
    5. REFERENCES
  14. Chapter 5: Investment Banks and the Dim Sum Bond Issuing Process
    1. 5.1 DIM SUM BOND ISSUING PROCESS
    2. 5.2 PRIMARY ISSUES
    3. 5.3 BOOKRUNNER/MANAGER RANKINGS
    4. 5.4 BOND ISSUING FEES
    5. 5.5 RETAIL VERSUS INSTITUTIONAL TRANCHES
    6. 5.6 CONCLUSION
    7. REFERENCES
  15. Chapter 6: Case Studies of Landmark Issues
    1. 6.1 LANDMARK ISSUES
    2. 6.2 CASE 1: THE FIRST DIM SUM BOND AND THE FIRST CHINESE FINANCIAL INSTITUTION ISSUER—CHINA DEVELOPMENT BANK (AND THE FIRST 15-YEAR AND 20-YEAR BONDS)
    3. 6.3 CASE 2: THE FIRST DIM SUM BOND ISSUED BY A CHINA-INCORPORATED FOREIGN BANK—THE BANK OF EAST ASIA (CHINA) LIMITED
    4. 6.4 CASE 3: THE FIRST DIM SUM BOND ISSUED BY THE CHINESE CENTRAL GOVERNMENT
    5. 6.5 CASE 4: THE FIRST DIM SUM BOND ISSUED BY A FOREIGN MULTINATIONAL CORPORATION—MCDONALD'S CORPORATION
    6. 6.6 CASE 5: THE FIRST DIM SUM BONDS ISSUED BY A SUPRANATIONAL AGENCY—ASIAN DEVELOPMENT BANK (AND THE FIRST 10-YEAR DIM SUM BOND)
    7. 6.7 CASE 6: THE FIRST DIM SUM BONDS ISSUED BY A CHINESE COMPANY, INCORPORATED OUTSIDE MAINLAND CHINA AND LISTED IN HONG KONG (RED-CHIP CORPORATION)—SINOTRUK (HONG KONG) LIMITED
    8. 6.8 CASE 7: THE FIRST MAINLAND CHINESE CORPORATION LISTED IN HONG KONG (H-SHARE) ISSUER OF DIM SUM BONDS—BEIJING CAPITAL LAND LTD.
    9. 6.9 CASE 8: THE FIRST PRC-LISTED (A-SHARE) ISSUER OF DIM SUM BONDS—GEMDALE CORPORATION
    10. 6.10 CONCLUSION
    11. REFERENCES
  16. Chapter 7: Conclusion
    1. 7.1 REVIEW AND PREVIEW OF THE DEVELOPMENT AND GROWTH OF THE DIM SUM BOND MARKET
    2. 7.2 MARKET PARTICIPANTS
    3. 7.3 ONGOING DEVELOPMENTS AFFECTING THE DIM SUM BOND MARKET
    4. 7.4 FINAL REMARKS
    5. REFERENCES
  17. About the Authors
  18. Index