China

Barings will launch RMB denominated share classes for Asian clients to take advantage of the currency appreciation. Korean won and Singapore dollar share classes are to follow.

The establishment of London as an offshore renminbi centre will kick start syndicated loans in CNH, though lending in the currency will shrink in the short term as deposits fall, say dealers.

The Phillippine’s state-owned Power Sector Assets and Liabilities Management Corp — better known as Psalm — is considering which banks to mandate for a $500m-$700m domestic deal that will help it cover a big chunk of its funding requirement for the year.

Bank of East Asia’s China branch raised Rmb1bn ($159m) from its second visit to the dim sum bond market late last week, offering a juicy yield pick up against outstanding notes from other lenders.

Taiwan’s plan to allow listed local companies to issue offshore renminbi bonds in Hong Kong without using offshore subsidiaries will spur deals from technology companies in the country, bankers said. But it will not lead to a raft of fresh issuance.

Several Asian sovereigns are able to offer local currency bond investors high returns and opportunities to diversify portfolios on the back of the region’s stable fiscal and external position, says Crédit Agricole.

The door to Hong Kong’s dim sum bond market is now open to listed Taiwanese companies, but the market will only entice the corporates with tangible interests in the mainland.

Indonesia has announced plans to issue the first intra-regional sovereign deal in Asia ex-Japan. More will follow as Asia looks to strengthen internal funding channels, say experts.

Morgan Stanley sparked strong US investor interest when it priced a rare and high yielding A$1bn global on Wednesday.

London may be this year’s hot pick but as Singapore knows, China’s is yet to show any real commitment to an offshore hub outside Hong Kong.