China
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BP received a jumbo book for its offshore renminbi bond after providing juicy initial guidance for the five year deal over Total’s offshore renminbi notes that priced three weeks ago.
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In this week’s round up of offshore renminbi news, the Shanghai free trade zone officially launches, Hong Kong sees RMB deposits rise, and officials from Hong Kong and London promote the renminbi’s internationalisation.
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Asset managers are on the hunt for Asian securities that have little correlation to the US Treasury curve. And this search is leading them to local currency bonds and assets with exposure to China.
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BP is issuing its second dim sum deal extending the run of multinational corporations dipping into the offshore renminbi market. -
BP is issuing its second dim sum deal extending the run of multinational corporations dipping into the offshore renminbi market.
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The financial hub of China opens a 28-square-kilometre sliver of land to banks, companies and investors, with those setting up representation inside being promised various perks.
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Financial authorities in London and Hong Kong will shift their attention to investors as they continue to focus on education as a means to popularise the offshore renminbi.
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Eagle High Properties, a property arm of Indonesian conglomerate Rajawali Group, has mandated banks to sell a Singapore dollar-denominated bond as the market allows for smaller deal sizes than US dollars.
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The bank is now expecting the renminbi to be stronger by year end as the country reports an improved economic outlook and pushes ahead with the currency’s internationalisation.
