China CITIC Bank has been approved to issue up to 1.5 billion yuan (US$246 million) of yuan-denominated “dim sum” bonds in Hong Kong, Xinhua reported Thursday, citing the bank. The bank said the principal and interest will be repaid by the bank as foreign debt, and the proceeds raised will be used outside the mainland. The Beijing-based bank previously said the target subscribers will be institutional investors in Hong Kong and individual investors. There was strong momentum in the dim sum bond market in January, with bond issuance totaling 27 billion yuan for the month.
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