China
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In this roundup of recent offshore RMB news, China’s State Council airs plans for renminbi convertibility, Safe imposes new market measures, and BoCom pledges RMB/AUD direct conversion.
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Following a strong run for the renminbi, the State Administration of Foreign Exchange’s (Safe) new regulatory changes could slow down the pace of currency appreciation, says the bank.
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Greentown China Holdings has sold one of the biggest dim sum bonds this year, taking advantage of the large cost savings available to print inside its US dollar curve.
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China property developer Lai Fung Holdings is seeking consent from holders of its $200m 2014 bond for a range of amendments, as its seeks more flexibility to reach its growth targets, said bankers.
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Indonesian state-owned oil and gas producer Pertamina will market its fourth US dollar bond this week as part of a newly created $5bn global medium-term note programme.
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China National Offshore Oil Corp’s $4bn four tranche deal is the biggest bond in Asia ex-Japan since 2003 and follows other recent jumbo-sized bonds from state-owned enterprises. More SOEs are lining up but deal size is likely to shrink. -
Top 3 Offshore RMB DCM Transactions - 2012 YTD
