Bank of China Beats HSBC as Dim Sum Market Opened: China Credit

Bank of China Ltd. is overtaking HSBC Holdings Plc. to become the top underwriter of yuan bonds in Hong Kong this month after Vice Premier Li Keqiang allowed domestic companies to tap the city’s lower borrowing costs.

The Beijing-based lender managed three Dim Sum bond sales valued at 2.7 billion yuan ($424 million) in October, for a 31 percent share of all issuance, beating HSBC, the biggest underwriter in the year, with a 14 percent stake, data compiled by Bloomberg show. Bank of China’s deals include issues for the Hong Kong units of China National Petroleum Corp., the country’s biggest oil company, and Sinotrans Shipping Inc., the third-largest shipper.