Asia Pacific
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Bankers are upbeat about the prospect for dim sum bonds after Société Générale’s deal last week highlighted the savings that issuers could make in this market. But before getting too excited, bankers need to take a closer look at the depth of the cross-currency swap market.
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Got lots of renminbi? Don’t know what to do with it? Well, if the example of one company is anything to go by, M&A could be one way to put the currency to good use.
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Now the initial praise for the CNT market has died down, the market is grappling with questions around spot rate arbitrage, renminbi liquidity and what this means for London and Singapore.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Australia and New Zealand Banking Group drew $4.5bn in orders for its latest financing, a dual tranche dollar covered bond, and followed competitor Commonwealth Bank of Australia in selling a senior unsecured transaction in the same sitting.
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Australia and New Zealand Banking Group returned to the dollar covered bond market on Tuesday, attracting several new accounts in its first dollar deal since opening the market for Australia at the end of 2011.
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The continued trend of tightening CNH liquidity since the start of the year could lead to the selloff in FX swap-funded dim sum bonds, believes Deutsche Bank. -
China’s official and final HSBC PMIs for August added to the gloom about the economy, forcing economists to cut growth estimates
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Société Générale’s offshore renminbi bond last week was priced some 48bp tighter than the French lender’s outstanding dollar bonds, after a big drop in the cost of swapping renminbi into dollars.
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More European banks are set to issue dim sum bonds as favourable swap rates provide an incentive for the lenders to tap the market now, allowing them to fund their plans to expand into China.
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India's growth was slightly better than expected in the second quarter, raising hopes that the BRIC economy may have bottomed out
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Société Générale returned to the offshore renminbi market on Thursday, printing a Rmb500m transaction that took advantage of attractive funding levels.
