Dim Sum / CNH Yield

CNH-denominated bonds, highest yield first.

The Dim Sum bond market continues to attract fixedincome portfolios seeking offshore renminbi exposure, offering a unique intersection of currency diversification and mainland credit access. Institutional investors are closely monitoring mainland financial issuers as spreads recalibrate against shifting onshore monetary policy expectations and changing liquidity conditions in Hong Kong. Leading the current yield screening for offshore renminbi instruments is the ZHAPIE 2.45% April 2029 note, which currently delivers a yieldtoworst of 1.954% while trading at a modest premium of 101.21. This pricing level reflects stable credit fundamentals within the financial sector, appealing to accounts managing intermediateduration CNH exposure. Relative value dynamics in the CNH credit space remain driven by structural demand from offshore investors locked out of equivalent onshore yields, keeping issuance wellbid despite broader macroeconomic headwinds. Professional participants are utilizing these liquid financial sector tranches to optimize portfolio yield without taking on excessive duration risk.