China
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Debt syndicate bankers expect more dim sum bonds to feature CNH Hibor, longer tenors, larger sizes and a more diverse investor base in 2014, building on the innovation seen in 2013.
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China’s National Development and Reform Commission (NDRC) is considering adding municipal and provincial state-owned enterprises (SOEs) to the list of non-financial names approved to issue offshore renminbi bonds next year, according to two Hong Kong-based DCM bankers.
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China Longyuan Power Corp is set to sign its offshore loan of Rmb1.7bn ($278m) in the next two weeks, after a delay in finalising all the documents led to a postponement of the signing date.
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In 2014 the offshore RMB market will continue to expand, with the launch of an internationally compatible CIPS, RQDII and the launch of free trade accounts in the Shanghai FTZ, says ANZ.
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The offshore renminbi market is set to open up dramatically next year as both domestic and international issuers and investors look to CNH, but returns on bonds will be lower in 2014.
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The offshore renminbi market is set to open up dramatically next year as both domestic and international issuers and investors look to CNH, but returns on bonds will be lower in 2014.
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State-run Development Bank of Mongolia is issuing its first Samurai, one that will be backed by a guarantee from the Japan Bank for International Cooperation (JBIC).
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Standard Chartered has structured a three year dim sum bond that is backed by a floating-rate US dollar loan supported by the China Export & Credit Insurance Corporation (Sinosure).
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China Vanke returned to the offshore renminbi market on Monday, less than a month after making its debut in the currency. Strong demand for that deal meant the Chinese property company was able to price through its dollar curve on its return trade.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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In this week’s round up of offshore renminbi news, South Korea sees renminbi deposits rise, HKEx and SGX look to promote RMB-denominated products, and StanChart expects deposits in Hong Kong and Taiwan to rise.