China
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In this week’s round up of offshore renminbi news, UOB launches in the Shanghai FTZ, regulators sign MOUs with Malaysia and Guernsey, and the FSDC explores ways to keep Hong Kong top in CNH.
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The Financial Services Development Council outlined a series of innovative solutions to keep Hong Kong the offshore renminbi leader. But despite its ambitions, analysts say much of the report is a pipedream.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Industrial and Commercial Bank of China this week brought the biggest dim sum bond sold in Singapore. More than 50% of the Rmb2bn ($328m) two year bond went to Singaporean investors, a result that was seen as a solid sign of growth for the new dim sum market and likely to prompt more Chinese banks to follow suit.
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Shui On Land is asking investors for permission to amend covenants on renminbi, dollar and Singapore dollar deals. The changes will allow subsidiary China Xintiandi to sell up to $750m in convertible perpetual securities to Brookfield Property Partners, and seek a listing for itself and its own subsidiaries in the future. -
Industrial and Commercial Bank of China this week brought the biggest dim sum bond sold in Singapore. More than 50% of the Rmb2bn ($328m) two year bond went to Singaporean investors, a result that was seen as a solid sign of growth for the new dim sum market and likely to prompt more Chinese banks to follow suit.
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Industrial & Commercial Bank’s Singapore branch opened books on a two year dim sum deal on Tuesday, just a week after the bank’s London arm sold Rmb2bn across two tranches to European accounts.
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Hong Kong Airlines starts investors meetings this week ahead of a Reg S offshore renminbi deal. The performance of recent dim sum debt bodes well for the borrower’s second visit to renminbi market, said bankers on the trade.
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BOC Aviation attracted a large sovereign wealth fund following for its maiden offshore renminbi bond on November 13.
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Ping An Insurance dived into the dim sum market again on November 13 after reverse enquiry and unsatisfied demand for an offshore renminbi deal completed a few weeks ago had the issuer eager to sell more.
