New rules may be in the works for corporate dim sum bond issuers

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clpstaff &clp articles

Clarity on repatriation of proceeds

Baosteel Group (Baosteel) became the first corporate to issue dim sum bonds. This reflects the fact that the Chinese government is taking steps to clarify its approval process for non-banks to issue yuan-denominated debt securities.

Baosteel, a Chinese state-owned steel manufacturer, is the first Mainland Chinese corporate issuer of offshore renminbi (Rmb) bonds, having received approval from the National Development and Reform Commission (NDRC) and registering the bonds with the State Administration of Foreign Exchange (Safe). It raised Rmb3.6 billion (US$564 million).

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