Asia Pacific
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The clock is ticking for Australian bank funding officials, who now have fewer than six weeks before any new bonds must comply with stricter Basel rules. National Australia Bank beat the clock this week with a A$950m ($984m) deal, but its peers are mostly well-funded and tired of being told to take advantage of a closing window.
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BOCHK Asset Management prefers renminbi-hedged high yield US dollar bonds from China property companies as they can return up to twice as much as identical offshore RMB credits.
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Agricultural Bank of China (ABC) and China Construction Bank (CCB) launched three year dim sum deals on Tuesday, taking very different approaches to marketing and how to target investors — but ending up with exactly the same result.
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The HSBC flash China manufacturing PMI expanded for the first time in 13 months in November, but the recovery depends on the US “fiscal cliff” -
Delays to the establishment of Taiwan’s renminbi clearing bank are more down to pride and turf wars than administrative problems and should act as a cautionary tale to other offshore renminbi wannabes.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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The offshore renminbi (CNH) market needs a single pricing benchmark to further product development but rate convergence shows capital liberalisation has begun, says ANZ.
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An extension of the US quantitative easing (QE) policy would make investors sell the USD and go into emerging markets, a strategist said
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China will allow the new development zone to free movement of capital to Hong Kong and the rest of the world but will restrict flows with the rest of the mainland in a sign the country remain cautious about opening up its capital account.
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Goldman Sachs returned to the Australian dollar market on Tuesday after an eighteen month absence, bringing a A$600m ($622.89m) dual tranche fixed and floating rate Kangaroo bond. While bankers on the trade were pleased with the level of granularity in the orderbook, others said the deal suffered from comparison to a similar deal brought by JP Morgan last month.
