CDB launches offshore renminbi debt issuance

The first time for China Development Bank Corporation.

State-owned policy lender China Development Bank Corporation has established a US$1.15 billion debt issuance program to sell offshore renminbi bonds. Analysts believe the move could help further develop the market. It is the first time a quasi-sovereign Chinese issuer is doing this to facilitate its regular issuance of dim sum bonds.

A dim sum bond will be issued soon. HSBC Holdings PLC, Standard Chartered PLC, Barclays PLC and BOC Hong Kong (Holdings) Ltd. are arranging the program. China's Ministry of Finance announced it will issue renminbi-denominated bonds worth RMB10 billion in Hong Kong on Nov. 21. It issued RMB13 billion of dim sum bonds in Hong Kong last June.