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Cavenagh Capital’s Lee Says Offshore Yuan Bonds Not Attractive

Lee Ka Shao, the Singapore-based chief investment officer at Cavenagh Capital, a hedge fund set up by former Morgan Stanley and DBS Holdings Ltd. managers, comments on Dim Sum bonds at a conference in Singapore.

“I’m not a buyer of Dim Sum bonds. If you’re using it as a shrewd way to bet on the currency, it’s the wrong way. You see a lot of the issuers are not good investment-grade issuers in the first place.

“The key for market participants like myself is the 3 percent annualized” appreciation of the yuan, he said. “Given that some stocks can rally 10 percent in one day, forget it. It’s not something I’m interested in.”

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