A Financial Times Service
China Confidential - Premium Investment Insight
23 February 2012

Offshore renminbi (CNH) denominated so-called 'dim sum' bonds have rallied in recent weeks on improving investor sentiment. Nevertheless, the bulk of unrated and high-yield corporates are still trading at below par, as investors demand yields that better reflect the issuers' credit fundamentals. In our view, the yields on these companies will remain elevated in the near-term, particularly as more and more investment-grade issuers tap the CNH debt market in Hong Kong.

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CHINA CONFIDENTIAL

An integrated research service from the Financial Times that provides premium, exclusive analysis and predictions on China investment themes.

Using a dedicated FT team of specialists in China and the UK, it taps Chinese sources from the grassroots to the political elite to forecast key trends and issues. It conducts proprietary research to supply its own insights into industry trends and consumer sentiment. By filtering the work of the best Chinese analysts and academics, it keeps you current on key debates as they unfold inside mainland China. Its broad aim is to help the professional investor navigate through the Chinese investment landscape.

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