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
- Praise for Dim Sum Bonds
- Title Page
- Acronyms and Key Terms
- Chapter 1: New Market—Developments, Opportunities, and Challenges
- Chapter 2: Offshore RMB-Denominated Bonds—Dim Sum Bonds
- Chapter 3: Issuers
- Chapter 4: Investors
- Chapter 5: Investment Banks and the Dim Sum Bond Issuing Process
Chapter 6: Case Studies of Landmark Issues
- 6.1 LANDMARK ISSUES
- 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)
- 6.3 CASE 2: THE FIRST DIM SUM BOND ISSUED BY A CHINA-INCORPORATED FOREIGN BANK—THE BANK OF EAST ASIA (CHINA) LIMITED
- 6.4 CASE 3: THE FIRST DIM SUM BOND ISSUED BY THE CHINESE CENTRAL GOVERNMENT
- 6.5 CASE 4: THE FIRST DIM SUM BOND ISSUED BY A FOREIGN MULTINATIONAL CORPORATION—MCDONALD'S CORPORATION
- 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)
- 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
- 6.8 CASE 7: THE FIRST MAINLAND CHINESE CORPORATION LISTED IN HONG KONG (H-SHARE) ISSUER OF DIM SUM BONDS—BEIJING CAPITAL LAND LTD.
- 6.9 CASE 8: THE FIRST PRC-LISTED (A-SHARE) ISSUER OF DIM SUM BONDS—GEMDALE CORPORATION
- 6.10 CONCLUSION
- Chapter 7: Conclusion
- About the Authors
- Title: Dim Sum Bonds: The Offshore Renminbi (RMB)-Denominated Bonds
- Release date: January 2014
- Publisher(s): Wiley
- ISBN: 9781118839638