Singapore Hoists Dim Sum Challenge as HSBC Sells

Singapore kicked off its challenge to Hong Kong’s dominance of the $42 billion offshore yuan bond market yesterday, with HSBC Holdings Plc and Standard Chartered Plc offering the city-state’s first Dim Sum notes.

HSBC sold 500 million yuan ($82 million) of two-year debt at 2.25 percent, while Standard Chartered priced 1 billion yuan of three-year notes at 2.625 percent after the Industrial and Commercial Bank of China Ltd. started clearing services in the Chinese currency in Singapore. Average yields on Dim Sum bonds, first sold in Hong Kong in 2007, and Asian dollar corporate securities were 3.56 percent and 3.85 percent, respectively, according to Bank of America indexes.