Dim Sum Bonds -- Contents -- Preface -- Acknowledgments -- Acronyms and Key Terms -- Chapter 1 New Market-Developments, Opportunities, and Challenges -- 1.1 Introduction -- 1.2 Overview of the Dim Sum Bond Market -- 1.3 Policies Supporting the Growth of Offshore Renminbi -- 1.3.1 Trade Settlement in RMB and RMB Bilateral Local Currency Swap Agreements -- 1.3.2 Offshore RMB Currency Trading -- 1.3.3 Offshore RMB Deposit Center -- 1.3.4 Implications for the Dim Sum Bond Market: Opportunities and Challenges -- References -- Chapter 2 Offshore RMB-Denominated Bonds-Dim Sum Bonds -- 2.1 Definition -- 2.1.1 Dim Sum Bonds -- 2.1.2 Synthetic RMB Bonds -- 2.2 Bond Issue Characteristics -- 2.2.1 Type -- 2.2.2 Form: Regulation S -- 2.2.3 Bond Coupon -- 2.2.4 Bond Tenor -- 2.2.5 Credit Rating -- 2.2.6 Collateral and Claim Priority -- 2.2.7 Bond Covenants -- 2.2.8 Exchange Listing -- 2.3 Conclusion -- References -- Chapter 3 Issuers -- 3.1 Issuers -- 3.2 Classification of Issuers by Type of Organization -- 3.2.1 Government (Sovereign and Subsovereign) -- 3.2.2 Banks -- 3.2.3 China's State-Owned Enterprises (SOEs) -- 3.2.4 Corporations -- 3.2.5 Supranational Agencies -- 3.3 Classification of Issuers by Industry -- 3.4 Classification of Issuers by Domicile and by Deal Nationality -- 3.5 Motivations behind Issuers -- 3.5.1 Supporting the Government's RMB Policy -- 3.5.2 Cross-Border Funding Arbitrage -- 3.5.3 Hedging against Currency Risk -- 3.5.4 Lower Cost of Debt -- 3.5.5 Supporting Client Needs -- 3.6 Conclusion -- References -- Chapter 4 Investors -- 4.1 Investor Type and Mix -- 4.2 Motivation -- 4.2.1 Expected Currency Appreciation and Yield -- 4.2.2 Liquidity -- 4.2.3 Diversification -- 4.3 Risk/Return Analysis -- 4.3.1 Historical Performance -- 4.3.2 Risks -- 4.4 Conclusion -- References -- Chapter 5 Investment Banks and the Dim Sum Bond Issuing Process.

5.1 Dim Sum Bond Issuing Process -- 5.1.1 Rationale for Dim Sum Bonds: Issuer and Investor Perspectives -- 5.2 Primary Issues -- 5.2.1 Documentation/due diligence -- 5.2.2 Premarketing Campaign -- 5.2.3 Roadshow/Marketing -- 5.2.4 Bookbuilding, Pricing, and Allocation -- 5.2.5 Aftermarket Support and Trading in the Secondary Market -- 5.3 Bookrunner/Manager Rankings -- 5.4 Bond Issuing Fees -- 5.5 Retail versus Institutional Tranches -- 5.6 Conclusion -- References -- Chapter 6 Case Studies of Landmark Issues -- 6.1 Landmark Issues -- 6.1.1 Benchmark Issues with Longer Tenors -- 6.2 Case 1: The First Dim Sum Bond and the First Chinese Financial Institution Issuer-China Development Bank (and the First 15-Year and 20-Year Bonds) -- 6.2.1 General Bond Information -- 6.2.2 Issuer Background -- 6.2.3 Use of Proceeds -- 6.2.4 Risks -- 6.2.5 Significance of This Landmark Issue -- 6.2.6 benchmark Issues of Longer Tenors (15-Year and 20-Year Dim Sum bonds) -- 6.3 Case 2: The First Dim Sum Bond Issued by A China-Incorporated Foreign Bank-The Bank of East Asia (China) Limited -- 6.3.1 General Bond Information -- 6.3.2 Issuer Background -- 6.3.3 Use of Proceeds -- 6.3.4 Risks -- 6.3.5 Significance of this Landmark Issue -- 6.4 Case 3: The First Dim Sum Bond Issued by the Chinese Central Government -- 6.4.1 General Bond Background -- 6.4.2 Use of Proceeds -- 6.4.3 Risks -- 6.4.4 Significance of This Landmark Issue -- 6.5 Case 4: The First Dim Sum Bond Issued by a Foreign Multinational Corporation-McDonald's Corporation -- 6.5.1 General Bond Information -- 6.5.2 Issuer Background -- 6.5.3 Use of Proceeds -- 6.5.4 Risks -- 6.5.5 Significance of This Landmark Issue -- 6.6 Case 5: The First Dim Sum Bonds Issued by a Supranational Agency -Asian Development Bank (and the First 10-Year Dim Sum Bond) -- 6.6.1 General Bond Information -- 6.6.2 Issuer Background.

6.6.3 Use of Proceeds -- 6.6.4 Risks -- 6.6.5 Significance of This Landmark Issue -- 6.7 Case 6: The First Dim Sum Bonds Issued by a Chinese Company, Incorporated Outside Mainland China and Listed in Hong Kong (Red-Chip Corporation)-Sinotruk (Hong Kong) Limited -- 6.7.1 General Bond Information -- 6.7.2 Issuer Background -- 6.7.3 Use of Proceeds -- 6.7.4 Risks -- 6.7.5 Significance of This Landmark Issue -- 6.8 Case 7: The First Mainland Chinese Corporation Listed in Hong Kong (H-Share) Issuer of Dim Sum Bonds-Beijing Capital Land Ltd. -- 6.8.1 General Bond Information -- 6.8.2 Issuer Background -- 6.8.3 Offer Structure -- 6.8.4 Major Risks of the Offer Structure -- 6.8.5 In the Wake of the Issue -- 6.9 Case 8: The First PRC-listed (A-Share) Issuer of Dim Sum Bonds-Gemdale Corporation -- 6.9.1 General Bond Information -- 6.9.2 Issuer Background -- 6.9.3 Offer Structure: Guarantees from Famous and Several of Its Subsidiaries -- 6.9.4 Risks of the Offer Structure -- 6.9.5 In the Wake of the Issue -- 6.10 Conclusion -- References -- Chapter 7 Conclusion -- 7.1 Review and Preview of the Development and Growth of the Dim Sum Bond Market -- 7.1.1 Market Prospects and Outlook -- 7.1.2 Debt Maturity Profile and the Pipeline of Supply of Dim Sum Bonds -- 7.2 Market Participants -- 7.2.1 Issuers -- 7.2.2 Investors -- 7.2.3 Investment Banks -- 7.2.4 Chinese Government and Its Policy -- 7.3 Ongoing Developments Affecting the Dim Sum Bond Market -- 7.4 Final Remarks -- References -- About the Authors -- Index.