China
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Chinese bond regulators are developing a scheme to allow foreign companies to issue private placements into the interbank market, viewed as a precursor to the launch of a Panda bond market.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Flush liquidity in the offshore renminbi market, helped by new channels for MNCs to release their previously trapped cash, will keep CNH rates stable while rates in mainland China continue to rise.
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In this week’s round up of offshore renminbi news, Deutsche Bank gets access to the Shanghai free trade zone, Taiwan will allow Chinese bao dao issuance, and ICBC gears issues a UK dim sum bond.
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Bankers and companies have hailed the Free Trade Zone in Shanghai as a progressive step. Dig a little deeper, however, and it’s hard to assess its potential – principally because so little has been revealed. Ian Driscoll reports. -
Industrial and Commercial Bank of China priced an unrated dual tranche dim sum that attracted over Rmb3bn in orders from European and UK investors on the day the lender was added to the Financial Stability Board’s list of globally systemically important banks (G-SIBSs).
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China has taken the first steps towards integrating its interbank and stock exchange bond markets. Yet the country needs to reduce the number of regulators before full integration can be a reality, say analysts.
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Industrial and Commercial Bank of China priced an unrated dual tranche dim sum that attracted over Rmb3bn in orders from European and UK investors on the day the lender was added to the Financial Stability Board’s list of globally systemically important banks (G-SIBSs).
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In an attempt to encourage more transparent credit markets and funding for SMEs, China has introduced pilot programmes promoting asset securitisation. It’s a good way to help diversify risk away from banks and into the capital markets, but a lot more needs to be done to make it truly effective. Joti Mangat reports.
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United Overseas Bank netted strong demand from private banks for its second Basel III-compliant tier one this year.
