H World Completes 3.35 Billion Yuan Debut Offshore RMB Dim Sum Bond

H World Group completed pricing of a 3.35 billion yuan offshore RMB senior unsecured dim sum bond at a 2.25% coupon, with a five-year term maturing in 2031, its first offshore RMB bond. It listed on the Hong Kong Stock Exchange from September 17, with proceeds intended for general corporate purposes. Industry observers consider the 2.25% coupon low, reflecting capital market recognition of H World's credit fundamentals. As of June 30, H World had about 14.2 billion yuan in cash and cash equivalents, about 4.2 billion yuan in total debt and about 10.2 billion yuan in net cash. Analysts say the issuance is less about easing liquidity than locking in longer duration at a low coupon and establi…