China’s Municipal Yuan Debt Is Going Offshore For the First Time
Shenzhen, Guangdong seeking underwriters for offerings
Moves come as China seeks to boost yuan’s international use
The so-called Dim Sum bond market is about to get a new kind of issuer: local Chinese governments.
In a first for the $77 billion offshore yuan bond market, Shenzhen city government is seeking underwriters for an offering of up to 5 billion yuan ($771 million), according to a statement Tuesday. Guangdong province is also planning such a sale in Macau, without giving the size.