China
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In this round up of recent offshore renminbi news, CNH deposits rise in Hong Kong, BoC Hong Kong teams with FTSE for new dim sum indices, and CNH interest rate may fall on the HKMA’s changes.
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The lack of clarity to how banks and corporates should conduct business in Qianhai is delaying the development of the economic zone, indicating that China is unwilling to relax its capital accounts.
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An expanded RQFII programme will cause some consolidation of onshore and offshore China rates, which have recently been diverging, according to ANZ. -
The Hong Kong consumer financing firm issued a Rmb500m five year bond at 6.9% off of its $3bn MTN Programme on April 24, after it first debuted in the dim sum market two years ago with a three year deal.
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The establishment of a CNH Hibor fixing is not perfect but should help develop short-term syndicated loans and much needed interest rate swaps, say experts.
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The Hong Kong consumer financing firm issued a Rmb500m five year bond at 6.9% off of its $3bn MTN Programme on April 24, after it first debuted in the dim sum market two years ago with a three year deal.
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Debt bankers were grumbling when a string of South Korean issuers hit the road in the first week of April to meet global investors, claiming it was too early to be roadshowing because Pyongyang’s missile sabre-rattling was still stirring up credit markets. But a deal this week from Daegu Bank proved the doubters wrong, with a bond debut that broke the country’s one-month issuance lull.
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China Datang Corp, Golden Wheel Tiandi and Lai Fung Holdings all priced offshore renminbi deals on April 18, taking advantage of the big cost saving available for issuers in the market — and ensuring by far the busiest week for dim sum issuance this year.
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Asian currencies would be more responsive to a wider CNY trading band compared to previous changes and the KRW, SGD and MYR will benefit the most, says BoA-Merrill.
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Taiwanese lenders are leveraging their international banking relationships with the aim of becoming increasingly active on both the issuer and bookrunner side of offshore renminbi bonds.
