Offshore renminbi: who needs swaps?
The slow development of the offshore renminbi swap market could hold back the frenetic growth of bond issuance. For now that might seem like a blessing in disguise, but the swap market will need to develop if the dim sum market is ever to fulfill its huge potential.
Hong Kong's offshore renminbi market is growing at a breakneck pace, and new issue volumes have more than doubled in the last nine months.
Issuers have already raised $6.4bn in the market this year, according to Dealogic, beating the $6.3bn sold last year (the vast majority of
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