HSBC Holdings (HBC.NYSE, 0005.HKG, HSBA.LON), Europe’s biggest bank, raised RMB2 billion (US$317 billion) by launching the first yuan-denominated bond outside of Greater China, Reuters reported. The three-year bond was mainly targeted at European investors and will pay annual interest of 3%. The RMB2 billion amount was double the bank’s initial guidance, after HSBC attracted demand for more than RMB4.25 billion in bonds. HSBC leads the dim sum market in Hong Kong, having generated proceeds of RMB13.9 billion from 48 issues so far this year, according to Thomson Reuters data from April 12. Meanwhile, the City of London has launched a working group with HSBC, Barclays (BCS.NYSE, BARC.LON), Deutsche Bank (DB.NYSE, DBR.FRA, ETR), Standard Chartered (2888.HKG, STAN.LON) and Bank of China (601988.SH, 3988.HKG) to develop the city into a center for offshore yuan business. The Agricultural Bank of China, China Development Bank and the Export-Import Bank of China are said to be planning yuan-denominated debt in London as well.