The Macao branch of Bank of China has priced the largest dim sum bond in two-and-a-half years, showing that the offshore renminbi bond market still has life left despite the increased accessibility of China's onshore debt markets. 

The Rmb4bn ($634m) deal is the largest since the shock devaluation of China's currency in August 2015, a sign of how foreign-investor confidence in the renminbi has revived as the exchange rate has recovered the ground it lost in 2015-16. 

The BoC deal consists of Rmb2.5bn in three-year notes yielding 4.65 per cent and Rmb1.5bn in one-year notes yielding 4.45 per cent. The proceeds will be used for general funding purposes.

BoC, HSBC, DBS Bank and KGI Asia were joint bookrunners. The bonds are rated A1 by Moody's and A by both Fitch and Standard & Poor's.

China's central bank has eased access to the onshore interbank bond market in recent years for foreign groups to issue so-called "Panda bonds", but the dim sum market remains active. 

In November, Bank of China's Paris branch sold a triple-currency "climate bond" worth $1.5bn.

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