China
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With deals by VTB Capital and Russian Agricultural Bank, Russians have made headlines in the dim sum market in 2013. Driven by arbitrage opportunities and a need for RMB, bankers expect more to come.
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The SFC’s aim of allowing Hong Kong registered RMB funds to be sold directly into China and vice versa will boost the city’s fund industry as houses compete for a share of Mainland capital.
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Top 3 Offshore RMB DCM Transactions - Last 12-month rolling
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Traders have noticed a strong rise in offshore renminbi liquidity in 2013 as improved sentiment and corporate demand brings investors back to the currency. -
Asia’s LCY bond markets are set to perform better than their dollar counterparts this year in a trend led by the development of the offshore renminbi market, which will grow by up to Rmb300 billion.
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Singapore medical technology company Biosensors International made its debut in the public bond market at the start of the week, raising S$300m ($244.9m).
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Offshore renminbi deposits in Taiwan could reach Rmb100 billion by the end of the year as banks target retail and corporate accounts, forecasts ANZ.
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Widening spreads between the onshore and offshore renminbi bond markets can offer Chinese issuers an up-to 100bp pickup – a favourable opportunity that will fuel a pipeline of dim sum deals.
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Top 3 Offshore RMB DCM Transactions - Last 12-month rolling
