Unilever to Issue Renminbi Bonds

March 28th, 2011
in econ_news

unilever-logo1 Econintersect:  Dutch multi-national Unilever will be the first European company to issue bonds denominated in the Chinese renminbi today(Monday, March 28).  The launch is taking place in Hong Kong and will raise RMB 300 million ($46 million) in what are called "dim sum" bonds.  Unilever is expected to be one of the first foreign companies to list their stock on the Shanghai stock exchange later this year.

Follow up:

According to the Financial Times:

Dim sum bonds are slowly gaining traction with multinationals, virtually all of which have growing Chinese operations. McDonald’s, the fast-food chain, became the first US issuer last August when it raised Rmb200m. Caterpillar, the US-based manufacturer of earthmoving equipment, followed with a Rmb1bn bond in November.


The move comes as Unilever plays catch-up to US-based rival Procter & Gamble, which has stolen a march on it in China. Consultants in China attribute Procter & Gamble’s stronger positioning to its early start and hefty investment in everything from advertising to distribution.

But Unilever, which has revenues in excess of €1bn ($1.4bn) in China, is fighting back with beefed-up spending on research and development as well as consumer insights.

Source:  Financial Times

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