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S&P gives dimsum bonds an "A" global scale rating

S&P gives dimsum bonds an “A” global scale rating

(14 September 2012 – Hong Kong) Shinhan Bank has raised RMB600 million (A$90.6 million) through dimsum bond sales in Hong Kong. The dimsum bond refers to a bond denominated in the Chinese yuan and issued in Hong Kong by foreign companies.

The two-year yuan-denominated bonds carried a coupon rate of 3.5 percent.

Standard & Poor's (S&P) assigned its 'A' global scale rating to the bonds on Tuesday, saying that the bond proceeds will be used for general corporate purpose.

'Borrowing costs from the dimsum bond issuance were lower than those from dollar bonds. The result came amid the recently upgraded sovereign rating of South Korea and growing demand for bonds issued by South Korean players,' said an official at the bank.
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