23 Jun '11, 1pm

McDonald's plans second "dim sum" bond issue

McDonald's plans second "dim sum" bond issue

HONG KONG : Fast food giant McDonald's is planning a second yuan-denominated bond issuance in Hong Kong. Such bonds - also known as "dim sum" bonds - are gaining popularity among investors keen to buy into the yuan. China has just formalised rules allowing foreign firms to use yuan raised overseas to make investments on the mainland. And this is expected to accelerate the issuance of yuan-denominated bonds and stocks in Hong Kong. There's a growing pool of investors hoping to pile into the yuan - in a bid to capitalise on the renminbi's expected appreciation. But at present, there are limited outlets for the cash. As an offshore yuan trading centre, Hong Kong is seen benefiting from the growing demand. Yuan deposits in the city are expected to double this year to 1 trillion yuan (US$155 billion). Kevin Lai, an economist at Daiwa Capital Markets said: "Demand on renminbi li...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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