Greater China

China’s largest listed brokerage, Citic Securities, is planning to sell a benchmark-sized dollar bond, guaranteed by Bank of China (Macau).

China Datang Corp, Golden Wheel Tiandi and Lai Fung Holdings priced offshore renminbi deals on Thursday, taking advantage of the big cost saving available for issuers in the market — and ensuring that this week was by far the busiest for dim sum issuance since the start of the year.

Hong Kong-based Sino Australia Oil & Gas has filed with the Australian Stock Exchange for a flotation that could raise the company A$20m ($20.6m).

Renminbi watchers are forecasting a doubling of the currency’s trading band and hoping this leads to greater secondary dim sum trading following positive comments from the PBoC.

Future Land Development turned to the offshore renminbi market for funding this week, managing to generate Rmb8bn ($1.28bn) of orders — as well as getting away with a yield that was well below where it could sell a dollar bond.

Investor appetite for yield and CNH exposure is at a high, helping to push the sizes of dim sum bonds past the standard Rmb1 billion mark. This creates new opportunities for issuers across the credit spectrum.

In this round up of recent offshore renminbi news, Paris seeks a swap line with China, deposits at Taiwanese banks jump and proposed changes to RQFII quotas.

Vietnam moved a step closer to issuing a bond this week by launching a non-deal international roadshow on April 15 with Deutsche Bank, HSBC and Standard Chartered. It begins in Singapore on Monday, before travelling to London and to three locations in the US, according to a dealer at one of the banks.

Chinese property company Kaisa Group returned to the offshore renminbi bond market at the start of the week, raising Rmb1.8bn ($287.8m) from a three year deal that was multiple times covered during Asian trading hours.

Chinese property company Kaisa Group returned to the offshore renminbi bond market at the start of the week, raising Rmb1.8bn ($287.8m) from a three year deal that was multiple times covered during Asian trading hours.