Greater China
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The renminbi is currently moving from being a trade settlement currency to an investment and reserve currency, signaling its rapid pace of internationalisation, says HSBC.
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Companies’ appetite for the offshore renminbi bond market will only gain traction if the opportunity for cost savings holds up say corporate treasurers.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Note: excludes money market and short-term debt as per Dealogic standard
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Note: excludes money market and short-term debt as per Dealogic standard
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Russian lender VTB Bank raised Rmb1bn ($239.4m) after returning to the offshore renminbi bond market following two years of absence, defying scepticism from some rival bankers that the deal was too tightly-priced to be successful.
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The island is set to become the latest country to allow for offshore renminbi products, including bonds. By doing so, its banks hope to open a new source of revenue. Matthew Montagu-Pollock reports. -
The Philippines’ SM Investments Corp and Hong Kong’s Lifestyle International Holdings extended their debt maturities this week, raising a combined $800m and taking advantage of cheap long-term funding rates.
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Hong Kong banks could potentially obtain higher margins from recent rise in CNH deposit rates, but only if China relaxes lending restrictions to higher-yielding onshore markets, say experts.
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Non-Asian issuers will need to pay a premium to issue a dim sum bond, but can also leverage off their strong capital market records and corporate governance.
