Dim sum bond market starts to rebound

03/26/2013 | Wall Street Journal, The

Several big-ticket offshore yuan-denominated bonds have been issued in recent weeks, reviving the dim sum bond market. This year, about $3.35 billion worth of dim sum bonds have been issued, up from less than $3 billion in the same period last year, according to Dealogic. "Investors lost confidence after the massive sell-off in the dim sum bond market in late 2011," said Clifford Lee of DBS Group Holdings. "There was a long lull last year, as bond buyers wanted much higher yield compensation than the levels issuers were willing to offer. Now, the gap between pricing expectations from both sides is narrowing."

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