China
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Hong Kong lender Citic Bank International raised Rmb500m ($79.3m) from its first public deal in the dim sum bond market on Tuesday.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Shinhan Bank raised A$250m ($260.7m) from its return to the Kangaroo bond market, managing to increase the deal after getting strong demand from Australian investors.
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Korean lender Shinhan Bank started bookbuilding for a A$100m ($104m) Kangaroo bond on Monday, returning to Australia’s domestic debt market after making its debut more than five years ago.
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Guarantees that appear to give dim sum bondholders recourse to the assets and cash flows of onshore Chinese corporations in case of default are unlikely to hold up if tested.
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Offshore renminbi bond issuance will enjoy increased deal flow on the back of greater investment, to the extent that it enjoys greater volumes than deals done in the city’s own currency, say dealers.
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The UK’s financial centre will play a supporting role to Hong Kong in the internationalisation of the renminbi but in the near term is unlikely to catch up with the special administrative region.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD