Asia Pacific
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Ananda Development postponed its proposed CNH perpetual, pulling the plug on what would have been the first corporate dim sum hybrid as well as the first offshore renminbi deal executed by a Thailand issuer.
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Hana Bank issued South Korea’s third floating rate bond of the year this week, with the deal coming inside its secondary curve.
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The collapse of Ananda Development’s perpetual dim sum bond deal highlights the need for a larger, more credible state-owned issuer to lead the market innovation and generate confidence among investors.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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In this week’s round up of offshore renminbi news, the Ministry of Finance plans a dim sum sale while China Development Bank completes its first of the year, South Africa invests in Chinese bonds, and Hong Kong deposits rise in September.
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China Development Bank Corporation opened books to a much-anticipated dim sum deal on Wednesday, kicking off a trade that is expected to open the gates to other policy banks and corporations to sell bonds in the offshore renminbi market.
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China Development Bank is looking to sell a benchmark-sized, multi-tranche dim sum bond that will include a two-year floating rate tranche linked to the CNH Hibor fixing.
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China Development Bank Corporation opened books to a much-anticipated dim sum deal on Wednesday, kicking off a trade that is expected to open the gates to other policy banks and corporations to sell bonds in the offshore renminbi market.
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China Development Bank (CDB) is poised to be the first Chinese policy bank this year to tap the dim sum bond market after receiving a long-awaited quota from the National Development and Reform Commission (NDRC). And as part of its role to develop the offshore renminbi bond market, it will introduce a rare floating rate tranche that could generate confidence in the nascent CNH Hibor fixing.
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The burgeoning CNH FX option and structured products market reflects increasing offshore RMB sophistication but risks must be acknowledged as the market matures, says Deutsche Bank.
