China

Top 3 Offshore RMB DCM Transactions - 2014 YTD

Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.

China Orient Asset Management Corp's debut three year dim sum bond was priced on Wednesday evening to yield 4.10%, in line with initial price indications of 4% area, according to two bankers on the deal. The borrower had originally been looking for Rmb2bn, but the demand allowed it to increase the issue to Rmb2.5bn ($413m).

In this week’s roundup of offshore renminbi news, Hong Kong calls for removing the daily RMB conversion cap, the China Securities Regulatory Commission is to set up an office in the Shenzhen Qianhai economic zone, while Taiwan and London are looking for more co-operation in offshore RMB business.

Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.

Financial experts at the Asian Financial Forum believe China’s government could set up more free trade zones in 12 months, and will accelerate the roll out of broad market reforms in Shanghai.

China Orient Asset Management Corp (AMC) is set to price its debut dim sum bond on Wednesday (January 15 ) to raise Rmb2bn ($331m) through a three year deal, according to a source close to the deal.

Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.

Analysts and investors were rightly encouraged by a China government document describing reforms to be made following the third plenum, but it will take all of Xi Jinping’s authority to implement the changes.

China Huarong Asset Management Corporation (AMC), one of China’s big four AMCs, is set to auction Rmb1.238bn ($205m) in asset-backed securities on January 17. This is will be the first ABS deal from an AMC since China reopened the country's ABS market in 2012.

Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.