Asia Pacific

Moscow may have only secured a Rmb150bn ($24bn) currency swap line with the People's Bank of China in October 2014, but local banks and exchanges have already built solid businesses around the RMB needs of commodities giants and other corporate and banking clients. GlobalRMB spoke to Igor Marich, managing director, money market business, at the Moscow Exchange (MOEX) about recent developments in its RMB product offering.

ICBCIL Finance got an overwhelming response for its debut in the dim sum market, a Rmb1.5bn ($241.6m) three year bond. The trade attracted huge interest from the moment books opened and managed to attract orders of more than Rmb7.6bn.

In this round-up, South Korean RMB deposits fell in May, China's RMB denominated trade settlement also fell, SIX Swiss Exchange signed an MoU with Shanghai Stock Exchange, and the London Stock Exchange signed an agreement with Haitong Securities to co-operate on launching RMB-denominated ETFs in London.

The transformation of China's bond markets is set to quicken its pace, judging by the first RMB internationalisation report from the People's Bank of China (PBoC), which was published on June 11. There will be a focus on the Panda bond market, while central banks and monetary authorities may have their access to the onshore interbank market eased.

MSCI will include A-shares in its indices as soon as Chines regulators address outstanding market access concerns, most pressingly quota allocations, the index provider said this week.

Bad debt manager China Great Wall Asset Management Corp has started receiving bids for a three year offering on June 11 and is looking to hook investors with an attractive initial price guidance.

Crédit Agricole has returned to Taiwan’s Formosa bond with its second offering of the year, several bankers have told GlobalRMB, with banks the dominant buyers of the five year bond. Meanwhile, Bank of China Taipei Branch has revised guidance for its upcoming multitranche deal.

Haikou Meilan International Airport took to the international bond market for the first time on June 9, raising Rmb600m ($98.5m) in the process.

Index firm MSCI this week announced the conclusions of its latest review of A-share inclusion in its global indices. Here is GlobalRMB's quick guide to what you need to know.

It only took a few deals, but a spat has already blown up between international ratings agencies when it comes to Chinese auto ABS. On Wednesday Fitch issued a strongly worded opinion on why it thinks the latest SAIC-GMAC Automotive Finance deal did not deserve the rating it has received from a competitor.

Index provider MSCI announced on June 9 that A shares inclusion in the indices will happen as soon as Chinese regulators address outstanding market access issues, with quota allocations as the most pressing of them.

Haikou Meilan International Airport Company has opened books on a three year offshore renminbi offering, the company’s first foray into the dim sum market.