Asia Pacific

Export Development Canada has placed its second dim sum of the year, driven by a reverse enquiry from an investor buying EDC debt for the first time.

Asia ex-Japan's primary dollar bond market was paralysed this week by the twin terrors of a Federal Open Market Committee meeting and an escalation of concern about the Greek economy. The market's usual June exuberance was nowhere to be seen, and many bankers are not expecting activity to resurface until next month at the earliest, writes Narae Kim.

Shenzhen-listed Financial Street Holdings drew a crowd of investors for its three year dim sum offering. The Rmb1.5bn ($241.6m) print saw more than Rmb4bn of demand.

As China's new three free trade zones (FTZs) in Fujian, Tianjin and Guangdong kick into gear, the original pilot zone in Shanghai is moving forward with capital account reforms to ensure that it remains, true to its nature, the testing ground for Chinese market liberalisation.

The London Stock Exchange Group is seeing a proliferation of RMB-denominated products being listed and traded on its venues, with subsidiary FTSE Russell’s recent decision to include A shares in its indices likely to provide a further boost, the exchange told a forum held in Hong Kong this week.

Singapore-based UOB has established a cross-border team focusing on its clients' RMB solutions needs, the bank said on June 17.

Dim sum regular Caterpillar Financial Services Corp priced its first offshore renminbi (CNH) bond of the year on June 16, raising Rmb1bn ($161m). The company decided to tap the market this week after being encouraged by the recent bullish secondary performance of its outstanding bond.

Dairy company Fonterra Cooperative Group has priced its third dim sum offering, bringing in Rmb1bn ($161m) to support its expanding business in China.

Construction equipment manufacturer Caterpillar is making its way back into the offshore renminbi market as it seeks to raise Rmb1bn ($161m) from a three year note in order to refinance its existing CNH debt.

The first phase of the China International Payment System (CIPS) will be completed before the end of 2015 in Shanghai, adding a vital new piece of infrastructure to the RMB internationalisation process.

New Zealand dairy company, Fonterra Cooperative Group, opened books to its third dim sum bond on Monday. The deal comes amid a recent revival in offshore renminbi bond issuance but a dearth of international corporates names.

Korea Development Bank (KDB) jumped in the offshore renminbi market with a reverse enquiry-driven deal on June 12 following a successful debut from ICBCIL Finance a day earlier.