Greater China

The CNH bond market has been fairly subdued this year because costs are not as attractive as they once were, deterring corporate treasurers from issuing the instrument, but there are those who are still keen.

A majority of the factors holding back the dim sum market from going global would be solved by a multi-tenor sovereign deal, with Reg-S and 144a documentation, traded around the clock.

In this roundup of recent offshore RMB news, China’s State Council airs plans for renminbi convertibility, Safe imposes new market measures, and BoCom pledges RMB/AUD direct conversion.

Following a strong run for the renminbi, the State Administration of Foreign Exchange’s (Safe) new regulatory changes could slow down the pace of currency appreciation, says the bank.

Greentown China Holdings has sold one of the biggest dim sum bonds this year, taking advantage of the large cost savings available to print inside its US dollar curve.

China property developer Lai Fung Holdings is seeking consent from holders of its $200m 2014 bond for a range of amendments, as its seeks more flexibility to reach its growth targets, said bankers.

Indonesian state-owned oil and gas producer Pertamina will market its fourth US dollar bond this week as part of a newly created $5bn global medium-term note programme.

China National Offshore Oil Corp’s $4bn four tranche deal is the biggest bond in Asia ex-Japan since 2003 and follows other recent jumbo-sized bonds from state-owned enterprises. More SOEs are lining up but deal size is likely to shrink.