Asia Pacific

Investors from Europe, the Middle East and Africa rushed to buy the International Finance Corporation's second ever sale of London-listed renminbi bonds this week. The deal, a tap of three year notes, was a sign of growing international interest in the currency, according to the issuer.

Maoye International Holdings did not manage to price its debut dim sum bond this week despite leaving books open for four days. Bankers away from the trade suggest that one of the reasons the deal failed was because it didn’t secure an anchor account, raising questions about the reliance on these investors in high yield offshore renminbi bonds, writes Virginia Furness.

A new Panda bond issue by German car manufacturer Daimler has established a milestone in RMB funding for offshore borrowers, marking the first ever such deal from a corporate name. The Rmb500m ($81m) one year paper priced at 5.2% on Friday, March 14 and was privately placed through Bank of China.

China's decision to double the trading band for the renminbi against the US dollar, which was announced at the weekend and took effect on Monday, is a further step towards the full liberalisation of the currency, say analysts and traders.

Maoye International Holdings is yet to price its debut CNH bond which has led to market speculation that the deal has been pulled. However, bankers on the trade continue to say that books are still open.

A Panda bond this week from Daimler has swung attention back to the onshore RMB funding options that exist for non-Chinese issuers. There are still few for whom the structure is appropriate, but the Asian Development Bank reckons it is attractive for those that can access it because of the difficulties involved in repatriating proceeds from offshore.

International Finance Corporation has priced an Rmb1bn ($163m) tap of its London-listed January 2017 dim sum, in spite of weaker conditions in emerging markets sparked by geopolitical concerns after Russia's annexation of Crimea.

China’s onshore equity market will grow to $10tr by 2020 – and will be included in global indices by 2015 – prospects which make the asset class too important to ignore, according to HSBC.

All has been quiet with Chinese retailer and property developer Maoye International’s debut dim sum deal as bankers hold back announcing deals amid a market filled with uncertainty. The Maoye deal had been expected to price last night, after bankers announced initial guidance yesterday morning.

The International Finance Corporation is reopening its London-listed January 2017 dim sum bond for an additional Rmb1bn ($163m), doubling the total size of the issue. The deal comes just two weeks after the IFC priced the original bond.

The decision by China to double the trading band for the renminbi against the US dollar, which was announced at the weekend and took effect on Monday, is a further step towards the full liberalisation of the currency, say analysts and traders.

A new Panda bond issue by Daimler, a Germany car manufacturer, has established a milestone in RMB funding for offshore borrowers, marking the first ever such deal from a corporate name. The Rmb500m ($81m) one-year paper priced at 5.2% on Friday, March 14 and was privately placed through Bank of China.