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Announcement:

Moody's: China Will Take More Steps to Expand Dim Sum Bond Market

21 Oct 2013

Hong Kong, October 21, 2013 -- Moody's Investors Service expects the Chinese government will move to develop the dim sum bond market further by allowing a more diverse group of companies, including ones owned by regional and local governments (regional SOEs), to issue these bonds within weeks or months.

"We believe the Chinese government will implement soon, initiatives that will expand the dim sum bond pilot scheme, to enable more China-based issuers to issue dim sum bonds directly," says Ivan Chung, a Moody's Vice President and Senior Credit Officer.

"There have already been notable developments and initiatives in furthering RMB internationalization in recent months. The prevailing market environment is also conducive to dim sum issuance," adds Chung. "Chinese issuers are looking for alternative funding channels and institutional investors are seeking RMB-denominated financial assets."

Chung was speaking on a just-released Moody's report titled "Chinese Government Will Take More Steps to Spur Development of Dim Sum Bond Market."

Moody's report pointed out the key challenges in developing the dim sum market, such as disclosure of operational and financial information, relatively weaker covenant protections and the lack of secondary market liquidity.

The report also says the credit quality of regional SOEs that issue dim sum bonds, will likely be tied to the regional and local governments (RLGs) that own them. However, the limited information disclosed by RLGs hinders the analysis of their credit quality, as well as the assessment of their ability and willingness to provide support to these the regional SOEs during periods of financial distress.

Nevertheless, Moody's report noted that China has launched various policy measures in the last 18 months to improve the transparency of the RLGs' financials. These improvements could lead to Moody's considering incorporating support uplifts for the ratings of RLG-affiliated state-owned enterprises.

Subscribers can access the report at: https://www.moodys.com/research/Dim-Sum-Bond-Market-Chinese-Government-Will-Take-More-Steps--PBC_159420

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Ivan Chung
VP - Senior Credit Officer
Project & Infrastructure Finance
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: China Will Take More Steps to Expand Dim Sum Bond Market
No Related Data.
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