High Dim Sum yields masking solid credit stories

Newswire

By Umesh Desai HONG KONG, July 27 (IFR) - Credit investors are beginning to see a buying opportunity in the offshore renminbi market, where bond yields have more to do with expectations for the currency than company fundamentals. Since March, the foreign exchange market has been pricing in a depreciation of the renminbi against the US dollar over the next 12 months. As a result, Dim Sum bonds have to offer investors an attractive pick-up over the same credit in ...

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