China

The Government of Mongolia, which was roadshowing its debut renminbi bond in Singapore on Monday before moving to Hong Kong on Tuesday, is looking at a possible issue size of up to Rmb2bn ($322m) with a tenor of three or 3.5 years, sources have told GlobalRMB.

Chinese names have packed up and are heading out for investor meetings across Asia and Europe as the issuers consider bonds denominated in dollars, renminbi and euros.

Bank of China’s (BoC) proprietary cross-border RMB index (CRI) for April 2015 saw an increase in RMB usage, with capital account account RMB outflows rising steadily on the back of recent liberalisations.

The Government of Mongolia is set to explore the offshore renminbi (CNH) market for the first time. This follows the overwhelming success of UK’s debut dim sum offering last year, which was the first from a non-Chinese sovereign.

Commodity trader Trafigura is set to launch its annual financing and is looking for $2bn. The company is in the process of forming the mandated lead arranger and bookrunner group, said a banker.

In this round-up, Singapore deposits fell in the first quarter this year, Taiwan RMB deposits rose to a new record, Bank of China joined the new gold benchmark, and the first overseas inverse ETF shorting A-shares entered the market.

Export Development Canada has placed its second dim sum of the year, driven by a reverse enquiry from an investor buying EDC debt for the first time.

Asia ex-Japan's primary dollar bond market was paralysed this week by the twin terrors of a Federal Open Market Committee meeting and an escalation of concern about the Greek economy. The market's usual June exuberance was nowhere to be seen, and many bankers are not expecting activity to resurface until next month at the earliest, writes Narae Kim.

Shenzhen-listed Financial Street Holdings drew a crowd of investors for its three year dim sum offering. The Rmb1.5bn ($241.6m) print saw more than Rmb4bn of demand.

As China's new three free trade zones (FTZs) in Fujian, Tianjin and Guangdong kick into gear, the original pilot zone in Shanghai is moving forward with capital account reforms to ensure that it remains, true to its nature, the testing ground for Chinese market liberalisation.

The London Stock Exchange Group is seeing a proliferation of RMB-denominated products being listed and traded on its venues, with subsidiary FTSE Russell’s recent decision to include A shares in its indices likely to provide a further boost, the exchange told a forum held in Hong Kong this week.

Singapore-based UOB has established a cross-border team focusing on its clients' RMB solutions needs, the bank said on June 17.