Dim Sum / CNH Yield

CNH-denominated bonds, highest yield first.

Dim Sum bonds are offshore renminbi securities denominated in CNH, giving international investors exposure to Chinesecurrency credit outside the onshore market. This screen ranks the universe by yield, highest first. The sole name passing the screen is ZHAPIE 2.45% due April 2029, a Chinese financialsector issuer offering a 1.952% yield to worst. That makes it a useful reference point for shortdated CNH paper. The bond trades at 101.19, slightly above par, so its yield to worst sits below the 2.45% coupon. The premium reflects a roughly threeyear maturity and the pricing of the issuer's credit. Relative value is the key question. Investors should benchmark the 1.95% yield against onshore Chinese and USD alternatives of similar tenor and credit quality, weighing the currency and liquidity tradeoffs before drawing conclusions.