Asia Pacific

Maoye International Holdings, a Chinese investment company with interests in retail and property, announced initial guidance for its debut offering in the offshore renminbi market on Monday.

Bank of Communications priced its two year dim sum deal on March 13, tightening from initial guidance with a strong orderbook that closed at Rmb3bn ($488m).

Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut in the offshore renminbi market.

Bank of Communications is in the market with a two year dim sum deal which is due to price on Thursday night and books are already very well covered, according to a banker on the trade.

China Development Bank has priced an Asean-targeted three year dim sum at 3.35%, with investors piling in to benefit from the pick-up over what are seen as expensive dollar credits. GlobalRMB understands that the borrower had considered a smaller deal to get cheaper funding, as tight pricing was its priority. But it chose a benchmark size to ensure a more diverse investor base.

Westpac has issued its first euro denominated covered bond deal of the year and the second from an Australian issuer. The transaction was modestly oversubscribed as bank treasuries were absent due to the fact the bond is ineligible for bank liquidity buffers and for being repo’d with the European Central Bank.

China Development Bank is back in the market with a three year CNH transaction.

China’s deposit rates could be liberalised within one to two years, said Zhou Xiaochuan, the governor of the People’s Bank of China (PBoC), at a press conference on Tuesday during the National People’s Congress (NPC).

Having launched Haitong International Asset Management’s first RQFII exchange traded fund, managing director Ben Zhang tells GlobalRMB that global investors are underweight the RMB asset class and that recent events like China’s first public bond market default and a bout of FX volatility should be no deterrent.

Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut issuance in the offshore renminbi market.

CCB (Asia) made a big splash on its debut in the dim sum market. The Rmb4bn ($653m) two year ranked as the equal biggest single tranche from a non-sovereign borrower.

China Eastern Airlines returned to the offshore renminbi market on Thursday, taking Rmb2.5bn ($407m) on a stellar day for the dim sum market which saw China Construction Bank raise Rmb4bn.