China
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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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The HKMA has reduced the settlement time for CNH liquidity by a day, further enhancing banks’ management of liquidity in times of shortage.
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CSRC chairman Guo Shuqing says China’s foreign institutional investor programmes can expand to 10 times their current levels, giving foreigners unprecedented access to the Mainland capital market.
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The offshore renminbi exchange rate is expected to remain strong in the first few months of the year due to the limited pool of CNH and uneven distribution of funds among banks. -
ICICI Bank sold its first public Singapore dollar deal on Wednesday, managing to price a longer and larger deal than its two previous private placements in the currency. The seven year tenor went down well with yield-hungry investors and allowed the borrower to price inside its implied curve.
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The renminbi market development is at the risk of stalling unless the Chinese authorities consider liberalising more cross-border transactions under the capital account, says Deutsche Bank.
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The French bank is predicting gains in the renminbi and for a substantially widening of the trading band and China moves to rebalance its economy.
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Top 3 Offshore RMB DCM Transactions - Last 12-month rolling
