China

A Panda bond this week from Daimler has swung attention back to the onshore RMB funding options that exist for non-Chinese issuers. There are still few for whom the structure is appropriate, but the Asian Development Bank reckons it is attractive for those that can access it because of the difficulties involved in repatriating proceeds from offshore.

International Finance Corporation has priced an Rmb1bn ($163m) tap of its London-listed January 2017 dim sum, in spite of weaker conditions in emerging markets sparked by geopolitical concerns after Russia's annexation of Crimea.

China’s onshore equity market will grow to $10tr by 2020 – and will be included in global indices by 2015 – prospects which make the asset class too important to ignore, according to HSBC.

All has been quiet with Chinese retailer and property developer Maoye International’s debut dim sum deal as bankers hold back announcing deals amid a market filled with uncertainty. The Maoye deal had been expected to price last night, after bankers announced initial guidance yesterday morning.

The International Finance Corporation is reopening its London-listed January 2017 dim sum bond for an additional Rmb1bn ($163m), doubling the total size of the issue. The deal comes just two weeks after the IFC priced the original bond.

The decision by China to double the trading band for the renminbi against the US dollar, which was announced at the weekend and took effect on Monday, is a further step towards the full liberalisation of the currency, say analysts and traders.

A new Panda bond issue by Daimler, a Germany car manufacturer, has established a milestone in RMB funding for offshore borrowers, marking the first ever such deal from a corporate name. The Rmb500m ($81m) one-year paper priced at 5.2% on Friday, March 14 and was privately placed through Bank of China.

Maoye International Holdings, a Chinese investment company with interests in retail and property, announced initial guidance for its debut offering in the offshore renminbi market on Monday.

Bank of Communications priced its two year dim sum deal on March 13, tightening from initial guidance with a strong orderbook that closed at Rmb3bn ($488m).

Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut in the offshore renminbi market.

Bank of Communications is in the market with a two year dim sum deal which is due to price on Thursday night and books are already very well covered, according to a banker on the trade.

China Development Bank has priced an Asean-targeted three year dim sum at 3.35%, with investors piling in to benefit from the pick-up over what are seen as expensive dollar credits. GlobalRMB understands that the borrower had considered a smaller deal to get cheaper funding, as tight pricing was its priority. But it chose a benchmark size to ensure a more diverse investor base.