China

China Construction Bank (CCB) Frankfurt Branch’s landmark offshore renminbi bond on Monday was met with strong demand in a market that has been buzzing with activity. Bankers said the success of the deal, which is the first CNH bond from a subsidiary of a Chinese name to settle, clear and list in Frankfurt, sets the stage for the city to become a popular destination for offshore RMB issues.

China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened.

Bank of Tokyo-Mitsubishi UFJ (China) launched its debut offshore renminbi bond on Monday. As the first CNH issue from a non-leasing subsidiary of a Japanese financial institution, the deal attracted a strong following just a few hours after launching.

Shanghai Pudong Development Bank made its debut in international bond markets on Thursday with an Rmb1bn ($162m) bond. With strong anchor orders building a solid foundation and good orderbook momentum, dealers were able to tighten pricing by 27bp.

Hainan Airlines priced its three year offshore renminbi bond on May 15, raising Rmb1.7bn ($273m) at a coupon of 6.25%. The deal was the first offshore RMB corporate bond to be listed, cleared and settled in Singapore, and as such was welcomed by bankers as a new development in what the city-state calls its "Lion City bond" market.

China Construction Bank has mandated banks for a renminbi-denominated bond via its Frankfurt branch next week in a deal that will be the first Frankfurt-issued CNH bond from a subsidiary of a Chinese name — and is only the third Frankfurt-listed RMB bond.

China A-share listings could restart as early as this month, bankers hope, after the publication of new policy principles and rule tweaks signalled that the regulator was ready to turn the tap back on. But while the deal activity will be welcome, the problems seen at the start of the year still linger, writes Rev Hui.

Hainan Airlines opened the books for a three year offshore renminbi transaction on Thursday, with investor demand reaching Rmb3bn ($481m) by late afternoon. The deal will be the first offshore RMB corporate bond to be listed, cleared and settled in Singapore.

China Construction Bank is set to launch a renminbi-denominated bond via its Frankfurt branch this week, according to two bankers close to the deal. It will be the first Frankfurt-issued CNH bond from a Chinese issuer, as Agricultural Bank of China's recent Frankfurt-listed deal was issued in Hong Kong as a dim sum deal.

Agricultural Development Bank of China (ADBC) has opted for a single two year bond for its latest transaction in the offshore renminbi market, breaking away from its history of multi tranche issues.

Hainan Airlines (Hong Kong) is planning to offer its next offshore renminbi bond in Singapore, according to two bankers close to the issuer. If successful — the deal could come this week — it will be the first offshore RMB coporate bond to be listed, cleared and settled in Singapore.

China Construction Bank Sydney Branch printed a Rmb500m ($80m) two year offshore renminbi bond on Monday, a small deal but one that established a footprint for the issuer in the Australian CNH market. The transaction followed an Rmb2bn bond from Bank of China Sydney last month.