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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