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China Confidential - Premium Investment Insight
19 September 2012

Earlier this week, Credit China Holdings (8207:HKG) successfully priced its second offshore renminbi (CNH) bond to yield 11%, the market’s highest coupon on record. The short-term lender, which raised Rmb200m ($32m, £19m, €24m) via a two-year deal, is paying 200bp more than when it came to market last year. Credit China’s willingness to pay up should come as no surprise, in our view. The company is currently charging double-digit lending rates on short-term loans to cash-starved mainland property developers, allowing it make handsome returns on the spread between onshore and offshore interest rates.



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