Capital curbs push China firms to risky, costly debt
Companies including Bank of China raise record US$111b in offshore dollar bonds, up from US$88b in 2015
Shanghai
CHINA'S efforts to support its currency and cool its hot property market are encouraging more Chinese companies, including many state firms, to take on extra cost and risk by raising foreign-currency bonds in Hong Kong and other offshore locations.
Despite the yuan's nearly 7 per cent slump against the dollar in 2016, Chinese companies including state-owned Bank of China raised a record US$111 billion in offshore dollar bonds, according to data from Dealogic, up from US$88 billion in 2015.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump