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Abstract
This study updates and compares the Dim Sum and Formosa bond markets: two major offshore RMB bond markets. The majority of Dim Sum bonds are not rated with most tenor in a range of two to three years while most Formosa bonds are rated with a maturity of three to five years. We also discuss future challenges and opportunities facing these two markets.
Notes
The development of the domestic bond market on mainland China can be found in Chen, Mazumdar and Surana (Citation2011).
For landmark Dim Sum Issues, see Fung, Ko, and Yau (Citation2014, Chapter 6).
In this article, the Dim Sum bond sample refers to Dim Sum bond issues that are not certificates of deposit (i.e., non-CD issues). The data used in this article are compiled by the authors from Bloomberg.
Kaisa defaulted on coupon payments for its offshore U.S. and RMB bonds, and at the time of this writing, approval for a revised debt restructuring proposal was still pending.