Shangri-La raises $153M in debut offshore renminbi bond
What's the deal? Shangri-LaDealroom has a profile for this one. Try Dealroom → Asia has raised CNH1.02 billion (about $153 million) through its first offshore renminbi "Dim Sum" bond. DBSDealroom has a profile for this one. Try Dealroom → and United Overseas BankDealroom has a profile for this one. Try Dealroom → jointly led the seven-year private placement, which carries a 2.70% coupon and settled on November 9, 2026.
What's the endgame? The Hong Kong- and Singapore-listed hospitality group will use the proceeds for general corporate purposes, including refinancing existing debt. The bond extends its renminbi funding across both onshore and offshore markets and secures longer-dated financing than its bank borrowings typically allow.
Why now? Shangri-La has already tapped the onshore market, issuing US$440M in Panda bonds during the first half of 2026 to cut borrowing costs and match its renminbi assets. The offshore debut adds a new channel at a time of steady business momentum: first-half revenue rose 6.4% to $1.12 billion, with EBITDA up 15.1%.
"This transaction also reflects the continued development of CNH financing opportunities for high-quality corporate issuers," said Cindy Kwan, DBS's head of fixed income for Greater China.
UOB's head of group investment banking, Samuel Tan, called the issuance "an important milestone in its engagement with the offshore Renminbi bond market."
The signal: Shangri-La's debut rides a sharp expansion in the Dim Sum market. Hong Kong-listed offshore-renminbi issuance rose 13.8% year on year through September 2026 and is on track for a record, with renminbi now the largest currency segment of the city's listed debt market. For corporates with renminbi revenues, offshore bonds are becoming a cheaper, more flexible route to capital.
Read more: dbs.com
Image credit: AMCOW