Dim Sum / CNH Yield

CNH-denominated bonds, highest yield first.

Dim sum bonds are renminbidenominated securities issued offshore, giving fixedincome investors yuan exposure outside mainland China's onshore market. This theme ranks the screened CNH universe by yield, and the current screen is led by ZHAPIE 2.45% 23 Apr 2029 (CNH). ZHAPIE's bond offers a yieldtoworst of 1.964% at a price of 101.15, so its yield sits below the 2.45% coupon because the premium pulls return down toward maturity. The bond is a financialsector issuer with a relatively short remaining life of roughly three years. Only one bond passed the screen this cycle, which limits relativevalue comparisons within the theme. Investors should view this result as a snapshot of a narrow universe rather than a broad read on dim sum yields, and should weigh it against currency and credit considerations.