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Ashish Malhotra of Bank of America Merrill LynchThis time last year China’s nascent dim sum bond market was a roaring success story, but how has the market fared over the last 12 months?

Dim sum bonds are bonds denominated in the Chinese renminbi, or yuan, but issued outside of the Chinese mainland. They’re also known as CNH bonds—CNH is the symbol for renminbi traded outside of China.

The first dim sum bonds were sold in 2007 by Chinese financial institutions, but the market didn’t really take off until 2010, when the People’s Bank of China removed restrictions that had barred certain types of issuer from the market. Chinese corporates began issuing dim sum bonds, and in August 2010, McDonald’s became the first foreign corporate issuer, with a 200-million-renminbi bond.

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