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Emerging Markets

ICAP offers up more renminbi spot trade products

The interdealer broker is offering banks the chance to trade offshore renminbi against three more currencies. The products come as offshore renminbi has flooded Hong Kong since China eased its international use.

  • 04 Nov 2010
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Interdealer broker ICAP has launched three new offshore renminbi currency spot pairs on its electronic brokerage platform, EBS.

The offshore renminbi can be traded against the euro, Hong Kong dollar and Japanese yen. The products went live on Monday, said Jeff Ward, head of ICAP electronic broking.

The minimum tradable amount for the new pairs is one million of the base currency with trade increments of one million.

All the offshore renminbi trades will settle in Hong Kong and banks looking to trade these pairs must have a pre-arranged clearing and settlement arrangement with a Hong Kong authorised institution, ICAP said in a statement.

The products can allow banks to accrue more pools of renminbi for themselves and their corporate clients from the offshore interbank market.

It will also allow institutions to speculate on the currency pairings, although the general consensus is that the renminbi will appreciate against most currencies.

Since China eased up its control over its currency the volume of renminbi settled trades in the offshore market has increased from Rmb3.6 billion (US$149.8 million) in the second half of 2009 to Rmb70.6 billion.

A crucial factor for development of the renminbi market in Hong Kong relates to the new services bank can provide their corporate customers. Regulations state that lenders can settle their positions for corporate import/export trades with a People’s Bank of China approved clearing bank.

The news comes a month after the broker launched the US dollar/Chinese renminbi pair on its platform.

As a result banks can now trade renminbi and lend and borrow the currency amongst themselves—creating an interbank market. This has caused renminbi spot foreign exchange, FX swap, and renminbi Hibor markets to surface in Hong Kong.

  • 04 Nov 2010

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
1 HSBC 66,677.92 399 10.15%
2 Citi 65,903.33 324 10.03%
3 Deutsche Bank 62,123.51 299 9.45%
4 JPMorgan 57,926.10 280 8.81%
5 Bank of America Merrill Lynch 37,734.03 215 5.74%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
1 HSBC 6,221.38 14 11.59%
2 JPMorgan 5,140.67 18 9.58%
3 Bank of America Merrill Lynch 4,497.27 18 8.38%
4 Deutsche Bank 4,264.56 14 7.95%
5 Credit Suisse 4,132.73 8 7.70%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
1 Citi 7,103.94 21 0.00%
2 JPMorgan 6,391.69 17 0.00%
3 Barclays 5,235.31 11 0.00%
4 Deutsche Bank 4,325.08 11 0.00%
5 HSBC 3,388.08 11 0.00%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
1 Goldman Sachs 184.87 44 12.87%
2 Bank of America Merrill Lynch 96.40 30 6.71%
3 JPMorgan 94.14 45 6.55%
4 Deutsche Bank 89.92 33 6.26%
5 Lazard 84.17 46 5.86%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
1 ING 382.49 5 8.60%
2 Commerzbank Group 292.65 4 6.58%
3 UniCredit 275.33 3 6.19%
4 SG Corporate & Investment Banking 271.81 3 6.11%
5 Raiffeisen Bank International AG 207.65 3 4.67%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
1 Standard Chartered Bank 1,142.00 13 0.00%
2 AXIS Bank 1,096.97 30 0.00%
3 Deutsche Bank 1,016.41 16 0.00%
4 Barclays 699.87 9 0.00%
5 Trust Investment Advisors 698.72 32 0.00%