The international fast food chain announced recently that it is seeking to raise RMB200 million (approximately $29 million) through three-year bonds that generate a 3 per cent annual interest. The deal was underwritten by Standard Chartered.

"We were surprised by the overwhelming response. It's multiple times oversubscribed," Sundeep Bhandari, the regional head of global markets at Standard Chartered, was quoted as having said. The sale reportedly drew strong interest from city-based investors and instantly sold out. Majority of the buyers had been banks, which will likely release the bonds through their private banking networks to reach the HNW demographic.

China has been getting a lot of attention after deciding to ease rules over its currency, placing both the yuan and the renminbi at part with its international counterparts. The country now enjoys the distinction as being the second largest economy in the world, according to the latest research by Fidelity Investments.

In a statement, McDonald's said that majority of the proceeds from the sale would go towards expansion efforts in China. At present, the fast food giant has over 1,100 branches in the country, with the view to open between 150 and 175 more over the next 12 months. McDonald's is the first non-financial foreign firm to issue yuan-denominated bonds in Hong Kong.