BONDS: HSBC prepares for London CNH debut
HSBC has released guidance for a three-year benchmark offshore renminbi bond at 3.00%–3.25%. The issue will be the first CNH paper to be listed in London. Pricing is expected this afternoon during London hours.
HSBC is the sole lead on the deal.
IFR was the first to report in February this year that some London-based banks were racing to launch the first London-listed Dim Sum bonds.
The groundbreaking issue is expected to be rated Aa2/AA– (Moody’s/S&P), compared with HSBC Bank’s Aa2/AA–/AA (Moody’s/S&P/Fitch).