The amount of money raised in the junk “dim sum” bond market reached a record high in the second quarter, driven by a rising Chinese property market and the worldwide search for higher-yielding assets.
Issuance of renminbi-denominated bonds in Hong Kong is four times higher than in the first quarter, and the largest on record for junk-rated groups at Rmb13bn, according to Dealogic.
Demand was helped by the buoyant demand for riskier assets in the first part of the quarter amid strong central bank bond buying. This provided the backdrop for the largest junk dim sum bond by Greentown China Holdings in early May.
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