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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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China’s National Development and Reform Commission (NDRC) this week released new guidelines for corporate offshore bond issuance. While the move is supposed to further simplify the process and relax the restrictions for issuers going offshore, the new rules have created a lot of uncertainty and led to fears that it will make bond issuance more difficult. -
China’s National Development and Reform Commission (NDRC) has released a set of new guidelines for offshore bond issuance in either renminbi or foreign currency. The new rules move away from the current case-by-case approval system to a registration-based regime for Chinese corporates and financial institutions.
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Easing liquidity conditions supported offers in the very short end of the CNY swap curve on Monday. This drove some disinversion momentum in the 1s/2s NDIRS curve slope that sources expect to continue, writes Deirdre Yeung of Total Derivatives.
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Another batch of offshore institutions was this week approved to invest in China’s interbank bond market (CIBM), in what authorities will hope will be seen as further proof of their determination to open up the country's capital market. But to become truly diversified, the CIBM needs a lot more than mere licences.
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In this round-up, Chinese premier Li Keqiang said RMB internationalisation to continue, South Korea's RMB deposits halving in a few months, HKMA revamps its RMB liquidity facility, Singapore Exchange and Moscow Exchange see surging RMB trade volumes, Shanghai Gold Exchange expands its list of assets that can be used as collateral for trading to A-shares and foreign currencies, and Deutsche Bank joins OTC Clear as a clearing member.
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A draft of the European Commission’s capital markets union action plan shows that it will try to tackle the “tough questions” of integrating Europe’s capital markets — insolvency and tax law.
