Asia Pacific
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Ping An Insurance launched an unrated five year offshore renminbi bond on Monday, raising hope that the market has reopened issuers without ratings following the near shutdown in June. -
China's interbank market regulator has devised a plan to give more companies access to short-term debt, improve the country's credit rating landscape and give its own rating agency a boost. Everybody wins.
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Ping An Insurance launched an unrated five year offshore renminbi bond on Monday, raising hope that the market has reopened issuers without ratings following the near shutdown in June.
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The announcement that Singapore will soon be a destination for mainland renminbi investors should prompt offshore hubs and banks to develop their cache of investible products.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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In this week’s roundup of offshore renminbi news, the National Development and Reform Commission awards dim sum quotas, Singapore strengthens its role as an offshore hub and Taiwanese deposits rise.
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The Chinese government will take more steps to encourage the development of the dim sum bond market but a lack of transparency could delay progress, says Moody’s.
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Two years after Toyota Motor Finance (China) submitted applications to issue a renminbi-denominated bond onshore, the Japanese firm has finally achieved its sale.
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Chinese state-owned enterprises have enjoyed solid support in the international bond markets because of the perception that their strategic importance will make a default highly unlikely. That level of support could change in the coming years, making it crucial for investors to start digging deeper into fundamentals rather than relying simply on uplifted credit ratings.
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Offshore bonds issued by Chinese state-owned enterprises could increasingly trade closer to their standalone credit ratings as policymakers move closer to a market-driven approach, says Fidelity.
