Dim Sum / CNH Yield

CNH-denominated bonds, highest yield first.

The offshore renminbi (CNH) fixedincome market continues to attract professional institutional allocators seeking diversification outside of traditional G10 currencies while navigating shifting onshore liquidity conditions. This segment offers unique access to Chinese credit risk denominated in a stable currency with distinct currency and interestrate dynamics. Investors evaluating the current Dim Sum landscape can capture specific pockets of value across highgrade and select financial issuers, balancing duration risk against prevailing funding costs. Credit selectivity remains paramount as market participants weigh issuer balance sheet strength against broader macroeconomic headwinds in mainland China. Leading the screened universe, the ZHAPIE 2.45% 2029 paper from the financial sector offers a yieldtoworst of 1.968% at a price of 101.16, presenting a compelling relative value entry point for portfolios targeting intermediate CNH exposure.