China

Dim sum regular Caterpillar Financial Services Corp priced its first offshore renminbi (CNH) bond of the year on June 16, raising Rmb1bn ($161m). The company decided to tap the market this week after being encouraged by the recent bullish secondary performance of its outstanding bond.

Dairy company Fonterra Cooperative Group has priced its third dim sum offering, bringing in Rmb1bn ($161m) to support its expanding business in China.

Construction equipment manufacturer Caterpillar is making its way back into the offshore renminbi market as it seeks to raise Rmb1bn ($161m) from a three year note in order to refinance its existing CNH debt.

The first phase of the China International Payment System (CIPS) will be completed before the end of 2015 in Shanghai, adding a vital new piece of infrastructure to the RMB internationalisation process.

New Zealand dairy company, Fonterra Cooperative Group, opened books to its third dim sum bond on Monday. The deal comes amid a recent revival in offshore renminbi bond issuance but a dearth of international corporates names.

Korea Development Bank (KDB) jumped in the offshore renminbi market with a reverse enquiry-driven deal on June 12 following a successful debut from ICBCIL Finance a day earlier.

Moscow may have only secured a Rmb150bn ($24bn) currency swap line with the People's Bank of China in October 2014, but local banks and exchanges have already built solid businesses around the RMB needs of commodities giants and other corporate and banking clients. GlobalRMB spoke to Igor Marich, managing director, money market business, at the Moscow Exchange (MOEX) about recent developments in its RMB product offering.

ICBCIL Finance got an overwhelming response for its debut in the dim sum market, a Rmb1.5bn ($241.6m) three year bond. The trade attracted huge interest from the moment books opened and managed to attract orders of more than Rmb7.6bn.

In this round-up, South Korean RMB deposits fell in May, China's RMB denominated trade settlement also fell, SIX Swiss Exchange signed an MoU with Shanghai Stock Exchange, and the London Stock Exchange signed an agreement with Haitong Securities to co-operate on launching RMB-denominated ETFs in London.

The transformation of China's bond markets is set to quicken its pace, judging by the first RMB internationalisation report from the People's Bank of China (PBoC), which was published on June 11. There will be a focus on the Panda bond market, while central banks and monetary authorities may have their access to the onshore interbank market eased.

MSCI will include A-shares in its indices as soon as Chines regulators address outstanding market access concerns, most pressingly quota allocations, the index provider said this week.

Bad debt manager China Great Wall Asset Management Corp has started receiving bids for a three year offering on June 11 and is looking to hook investors with an attractive initial price guidance.