Russia Mess Spreads to Hong Kong as Investors Dump Dim Sum Debt
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Russia’s crisis is being felt as far as Hong Kong’s Dim Sum debt market with the average price of yuan-denominated notes slumping to the lowest in 15 months.
Notes issued by Russian lenders including OAO Gazprombank and VTB Group have tumbled 1.65 percent on average in December as the ruble plunged to an all-time low, Bank of America Merrill Lynch’s Dim Sum Corporate Index shows. That pushed losses on Russian Dim Sum debt for the year to 2 percent, the only negative return out of 22 countries tracked by the gauge.