Asia Pacific
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One of the factors behind London’s “good recession” is the sharp increase in wealth in emerging markets, according to one economist -
Société Générale’s Russian subsidiary, DeltaCredit Bank, is expected to place notes of its recently priced covered bond on Tuesday, its treasury told The Cover. It is expected to return with further deals next year as the Russian fledgling covered bond framework continues to restrict local issuers to their domestic market.
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The slow start between the direct conversion of the Japanese yen and Chinese renminbi offers opportunities for other currencies to come to the forefront next year, says the Australian bank.
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Paris is meant to be the city of love but it seems to have gone to war with London over being an offshore renminbi centre.
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British Columbia is poised to be the first overseas sub-sovereign issuer of a dim sum bond, opening the door for more to follow, coming as the latest development for the market as it becomes increasingly international.
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China Cinda Asset Management, a government-owned fund that has taken billions of dollars of non-performing loans off the hands of mainland banks, made its offshore renminbi debut this week.
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The first cross-border repo in renminbi has been a long time coming but will allow for liquidity to flow from Hong Kong to other offshore centres.
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National Australia Bank has returned to the euro market with a covered bond that is twice as long as its previous euro financing but at less than half the cost. Despite that, initial guidance was cheap relative to its peers. Yet the swell of demand it has attracted should ensure the final print is tighter.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
