UPS turns to offshore renminbi for commercial paper funding

Atlanta-headquartered package delivery company UPS closed a Rmb630 million ($99 million) offshore renminbi-denominated commercial paper (CP) transaction on Friday — making it the first foreign non-financial company to do so. Given the small issue size, UPS’s move to tap the CP market was probably more symbolic than anything else, though it is expected to continue issuing in the market.