China
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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The Australian banks has highlighted 10 trends to watch in the offshore renminbi market including the doubling of deposits, other centres catching up with Hong Kong and the expansion of the dim sum market. -
Treasurers and investors say London has met their needs for CNH products and infrastructure, but challenges in the wider renminbi market keep their participation low, according to a new report.
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Interest rate cuts and changing regulations are encouraging the rise of the Chinese fixed income funds, and could allow them to better compete with the banks that dominate bond buying.
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The French bank predicts that offshore renminbi bond issuance will reach a record Rmb150 billion this year with the onshore renminbi (CNY) strengthening by year end.
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Lippo Malls Indonesia Retail Trust and Swiber Holdings have both approached Singapore bond investors for funding, offering private bank rebates to boost their chances of success.
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Philippine conglomerate SM Investments Corp will offer up to Ps15bn ($353m) of bonds to domestic retail investors later this week, and bankers think the two-tranche deal will get a strong bid thanks to its juicy premium over the sovereign.
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Veolia Environnement issued its first ever dim sum bond last week, and managed to attract a strong book for the Rmb500m ($78.55m) transaction even though the French water and waste management firm decided not to roadshow the bond.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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China’s central bank’s desire to open an office in the SAR is a sign of its desire for greater influence in the offshore renminbi’s development, but it will undercut the authority of Hong Kong’s central bank.
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German household appliance company BSH Bosch und Siemens Hausgeräte is eyeing a second helping of dim sum bonds, and hit the road this week to pitch a follow-up to its Rmb2bn ($314.7m) debut last September.
