Greater China
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Top 3 Offshore RMB DCM Transactions - Last 12-month rolling
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Gazprombank shrugged off a soft tone in the bond market on Monday to close a Rmb500m ($79.4m) dim sum bond, making its debut despite the wider market tumbling.
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Gazprombank shrugged off a soft tone in the bond market on Monday to close a Rmb500m ($79.4m) dim sum bond, making its debut despite the wider market tumbling.
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The cost of funding in the offshore market is likely to remain sticky owing to strong demand for CNH funds, leading to subdued supply of CGBs as costs remain elevated, says the bank. -
Gazprombank became the latest Russian borrower to launch an offshore renminbi deal on Monday, opening books for a three year dim sum debut that it was hoping to price overnight.
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Offshore renminbi deals in London have picked up in both trade-related services and foreign exchange as the city ramps up efforts to become a CNH hub, according to City of London research.
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Banks aren’t rushing to cut their 2013 dim sum forecasts despite the exceptionally quiet summer. However, analysts agree that capital-raising for the remainder of the year will be challenging.
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New World China Land returned to the dim sum market this week, pricing the market’s first unrated five year bond and one of the largest offshore renminbi bonds yet.
