China

The People’s Bank of China (“PBoC”) has opened books to its debut one year offshore central bank note in the Asia morning at 3.30% area on October 20.

GlobalRMB spoke to senior transaction banking executives throughout the Sibos 2015 conference held in Singapore last week. A common theme emerged: the RMB is presenting massive opportunities for banks nimble enough to follow China along its path to liberalisation. In this first piece, Lisa Robins, head of global transaction banking at Deutsche Bank, told GlobalRMB how much China's transformation has surpassed expectations so far.

Sino-Singapore Tianjin Eco-city (SSTEC) and Rizal Commercial Banking Corp are both eyeing the offshore bond market, with the issuers hiring banks for their respective offerings.

Chinese developer Soho China has wrapped up a tender offer to repurchase its outstanding notes as part of a debt management exercise. But as the bond price rallied to the repurchase level after the announcement of the transaction, the company managed to buy back less than half of the notes.

With China’s President Xi Jinping due to arrive on Monday for his first state visit to the UK, the People’s Bank of China (“PBoC”) decided to launched its debut CNH central bank note in London on the same day, mandating HSBC and ICBC as joint global co-ordinators.

Firm Chinese growth data has supported a short-end CNY swap bid and a flatter NDIRS curve. The latest PBoC currency relaxation moves are expected to back an increase in Panda bond issue flow, writes Deirdre Yeung of Total Derivatives.

China’s BeiGene is eyeing a listing on the Nasdaq, with the drug maker tapping three banks for a $100m IPO.

Hong Kong-listed China Tian Lun Gas Holdings has mandated three banks to arrange a $150m borrowing, which has launched into general syndication.

The migration of Chinese property developers from the offshore bond market back to the domestic market is gaining steam, with another three issuing in the Mainland this week.

In this round-up, Moscow Exchange sees drop in RMB swap and spot trading in September, RMB denominated trade settlement reaches new record in Q3 2015, Taiwan RMB deposits see slight fall in September, HKEx plans launch of new RMB metal contracts, and BAML finds investor sentiment improved on China.

Members of the Asian structured finance community came together this week to attend a conference hosted by the Asia Securities Industry & Financial Markets (Asifma). Unsurprisingly, most of the talk hovered around China and the huge potential of its ABS market.

Asia ex-Japan’s morose equity-linked market is poised for a shake-up after China’s National Development and Reform Commission (NDRC) overhauled its rules for foreign debt sales, allowing H-share issuers to dive back into convertible bonds.