Malaysia Tigers Chase Singapore Lions in Yuan Race: Asean Credit
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Malaysia and Singapore’s governments, competing for a share of bond issuance in a globalizing Chinese yuan, are finding big-cat branding alone isn’t enough to challenge the dominance of Hong Kong.
Cagamas Bhd. raised 1.5 billion yuan ($244 million) earlier this month in Malaysia’s inaugural offer of Tiger Emas bonds, the first issue in the Chinese currency to be cleared locally. The new securities join Lion City debentures in Singapore and Formosa bonds in Taiwan, which started last year and together comprise about 5 percent of a market that’s dominated by Hong Kong’s Dim Sum notes, Bloomberg data show.