Asia Pacific
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National Australia Bank made its debut in the offshore renminbi bond market with a Rmb400m ($65.2m) two year deal on May 31 to take advantage of improved swap rates.
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In this round of recent regulatory news, China released new rules to rein in currency speculation, ICBC kicked off its renminbi clearing service in Singapore, Thailand plans to curtail capital inflows by imposing controls on foreign bond investors and Malaysia launches its first online platform to trade unlisted securities.
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The International Bank for Reconstruction & Development (IBRD) issued the largest supranational dim sum bond on May 31, raising the profile of offshore renminbi bonds in a market dominated by high yield borrowers from China.
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As the offshore renminbi bond market matures, investors are voicing a preference for repeat issuers over companies seeking one-time arbitrage deals.
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The International Bank for Reconstruction & Development (IBRD) issued the largest supranational dim sum bond on May 31, raising the profile of offshore renminbi bonds in a market dominated by high yield borrowers from China.
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The continued increase in capital flows into China could heighten renminbi appreciation pressure, setting back the nation’s exchange rate reform, says the bank. -
Over the next three decades, the roles will be reversed and Western companies will be manufacturing for China, the author of upcoming book 'Brand Breakout' predicts
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China Eastern Airlines Corporation sold the offshore renminbi market’s first bond from an airline this year, attracting a strong orderbook from investors seeking diversification away from Chinese property developers.
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Mongolian banks are considering issuing offshore renminbi bond in 2013. However, while their diversity would be welcome, the issuers may face challenges getting their deals off the ground.
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In this roundup of offshore renminbi news, ICBC begins renminbi clearing in Singapore, banks transact the first swaps based on CNH Hibor, and issuers scramble to sell dim sum bonds in the Lion City.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
