China
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China’s Chaowei Power Holdings is planning to issue its debut offshore renminbi bond this week. It wants to follow the success of another unrated borrower, HNA Group, which raised Rmb800m ($127m) from its own issue last week.
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Brokers have welcomed the move by Hong Kong Exchanges & Clearing (HKEx) to launch commodity derivatives believing it could re-centre the market for commodity risk management in Asia.
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The renminbi will continue to appreciate this year despite recent falls but the currency will experience more volatility, argues the Australian bank. -
Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Yields for renminbi and CNH bonds are approaching equilibrium, raising questions for Chinese entities eyeing the offshore market.
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Demand for high-yield CNH debt appears to be returning to the market following a hiatus that began last year, but investors are very brand conscious, say bankers.
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Raiffeisen Bank International (RBI) opened the dim sum market to Austrian borrowers late last week, setting a benchmark for other potential issuers from the European country. But bankers are not expecting a flood of dim sum deals from Austria after the issue.
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Industrial Bank of Korea raised Bt7.3bn ($238m) in Thailand’s domestic bond market late last week, leaving it with around $1bn left to borrow for the rest of the year. Funding officials are now weighing up the benefits of dollar and yen bonds, but can now wait several months before attempting another deal.
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Hitachi Capital Corp priced its debut dim sum bonds inside the secondary prices of another Japanese firm, Orix Corp, as worries about Europe’s debt problems ease.
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Even though growth in CNH bonds is expected to slow and demand from investors rises, participants have been increasingly concerned with the uncertainties and limitations this market poses, says the rating agency.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
