China
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The International Bank for Reconstruction & Development (IBRD) issued the largest supranational dim sum bond on May 31, raising the profile of offshore renminbi bonds in a market dominated by high yield borrowers from China.
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As the offshore renminbi bond market matures, investors are voicing a preference for repeat issuers over companies seeking one-time arbitrage deals.
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The International Bank for Reconstruction & Development (IBRD) issued the largest supranational dim sum bond on May 31, raising the profile of offshore renminbi bonds in a market dominated by high yield borrowers from China.
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The continued increase in capital flows into China could heighten renminbi appreciation pressure, setting back the nation’s exchange rate reform, says the bank. -
China Eastern Airlines Corporation sold the offshore renminbi market’s first bond from an airline this year, attracting a strong orderbook from investors seeking diversification away from Chinese property developers.
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Mongolian banks are considering issuing offshore renminbi bond in 2013. However, while their diversity would be welcome, the issuers may face challenges getting their deals off the ground.
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In this roundup of offshore renminbi news, ICBC begins renminbi clearing in Singapore, banks transact the first swaps based on CNH Hibor, and issuers scramble to sell dim sum bonds in the Lion City.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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You can always rely on new developments in the offshore renminbi market to make banks lose their heads. This week was no different as lenders slugged it out for the claim of being the first to issue bonds cleared and listed in Singapore.
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Recent remarks from China’s leaders suggest the PBoC will pursue a stronger renminbi policy. This will provide an anchor to regional currencies and benefit Asian domestic bonds.
