China
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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The offshore renminbi (CNH) market needs a single pricing benchmark to further product development but rate convergence shows capital liberalisation has begun, says ANZ. -
China will allow the new development zone to free movement of capital to Hong Kong and the rest of the world but will restrict flows with the rest of the mainland in a sign the country remain cautious about opening up its capital account.
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Goldman Sachs returned to the Australian dollar market on Tuesday after an eighteen month absence, bringing a A$600m ($622.89m) dual tranche fixed and floating rate Kangaroo bond. While bankers on the trade were pleased with the level of granularity in the orderbook, others said the deal suffered from comparison to a similar deal brought by JP Morgan last month.
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The offshore renminbi bond market leapt back to life last week after a recent lull, and manufacturers Caterpillar and Volvo topped off the week by drawing a combined Rmb5.4bn ($897.4m) of demand for their bonds.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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The offshore renminbi is widely used by corporates in foreign exchange transactions, indicating the growing prevalence of the currency in world trade, says Standard Chartered.
