China
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Industrial and Commercial Bank of China launched a dual tranche dim sum bond on Tuesday that is mainly targeting UK investors. -
Regulators are allowing Chinese banks to diversify their investor base by selling bonds to retail investors in the stock exchange market which should reduce their reliance on state-owned investors.
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Industrial and Commercial Bank of China is taking advantage of London’s ambitions to become a offshore renminbi hub by issuing a dim sum bond that will be mainly targeting UK investors.
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Foreign central banks can take advantage of bilateral swap agreements with the People’s Bank of China (PBoC) to promote offshore RMB business in their own markets, says ANZ.
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A rising rates environment in China coupled with capital account liberalisation will lead to quicker rate convergence between the onshore and offshore market –and pique investors’ appetite for floating rate CNH bonds.
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Industrial and Commercial Bank of China is taking advantage of London’s ambitions to become a offshore renminbi hub by issuing a dim sum bond that will be mainly targeting UK investors.
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China Development Bank injected some zest into the dim sum bond market on November 6, pricing a Rmb4.5bn ($739m) three trancher and giving investors a dose of much needed supply of high grade Chinese bank bonds, writes Frances Yoon.
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Ananda Development postponed its proposed CNH perpetual, pulling the plug on what would have been the first corporate dim sum hybrid as well as the first offshore renminbi deal executed by a Thailand issuer.
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Hana Bank issued South Korea’s third floating rate bond of the year this week, with the deal coming inside its secondary curve.
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The collapse of Ananda Development’s perpetual dim sum bond deal highlights the need for a larger, more credible state-owned issuer to lead the market innovation and generate confidence among investors.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
