Asia Pacific
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China Construction Bank (CCB) is planning an international tier two bond and is aiming to bring its deal before the end of the year, according to investors. The borrower has not decided on a currency, but one fund manager is expecting a benchmark dollar deal in December.
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Expectations were low for China’s third plenum to come up with any concrete and meaningful reforms to the country's economy. But the 200-plus members of the Communist party’s central committee have surprised everyone with the depth and breadth of their plans which have the potential to turn China into a free market economy.
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In this week’s round up of offshore renminbi news, UOB launches in the Shanghai FTZ, regulators sign MOUs with Malaysia and Guernsey, and the FSDC explores ways to keep Hong Kong top in CNH.
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The Financial Services Development Council outlined a series of innovative solutions to keep Hong Kong the offshore renminbi leader. But despite its ambitions, analysts say much of the report is a pipedream.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Industrial and Commercial Bank of China this week brought the biggest dim sum bond sold in Singapore. More than 50% of the Rmb2bn ($328m) two year bond went to Singaporean investors, a result that was seen as a solid sign of growth for the new dim sum market and likely to prompt more Chinese banks to follow suit.
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Shui On Land is asking investors for permission to amend covenants on renminbi, dollar and Singapore dollar deals. The changes will allow subsidiary China Xintiandi to sell up to $750m in convertible perpetual securities to Brookfield Property Partners, and seek a listing for itself and its own subsidiaries in the future. -
Industrial and Commercial Bank of China this week brought the biggest dim sum bond sold in Singapore. More than 50% of the Rmb2bn ($328m) two year bond went to Singaporean investors, a result that was seen as a solid sign of growth for the new dim sum market and likely to prompt more Chinese banks to follow suit.
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Industrial & Commercial Bank’s Singapore branch opened books on a two year dim sum deal on Tuesday, just a week after the bank’s London arm sold Rmb2bn across two tranches to European accounts.
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Commerzbank has returned for its fourth covered bond deal of the year, and the second off its new mortgage platform. It announced the €500m no grow deal on Monday, ahead of Abbey National Treasury Services launching its own deal (see other story).
