Greater China
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Pohjola Bank is preparing a Samurai bond programme and could make its debut issue this year as part of prefunding for 2013, the bank has told EuroWeek.
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China Guangdong Nuclear Power Holding Co (CGNPC) debuted in the dim sum bond market with a Rmb1.5bn ($240.3m) deal last week, becoming the second issuer out of four state-owned companies that were given quotas to tap the offshore investor base this year.
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The fund manager has increased its dim sum holdings, tempted by renminbi appreciation and an unloved corporate sector.
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Hyundai Capital Services is considering selling Samurai bonds this month to help refinance around ¥15bn ($188.4m) of yen-denominated debt that will fall due in two weeks.
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Indonesian palm oil plantation company Bumitama Agri is expected by bankers to sell a Singapore dollar bond, after getting a good response to meetings at the start of this week. But a deal is by no means definite.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Four big-league Chinese banks have complained that London’s strict financial regulation limits their operational capacity. Unless this is rectified, the city can expect its renminbi business to flow elsewhere.
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The increasing proportion of offshore renminbi bonds that now carry an international rating shows investors’ focus is more in credit quality and not currency appreciation, according to the rating agency.