Bankers working across China’s debt capital markets DCM have said that more CNH-denominated bond issuances are to be expected in Hong Kong, mainly due to cheaper for longer’ funding costs of Renminbi. A recently introduced repurchase arrangement will also help boost market liquidity.
The People’s Bank of China’s PBoC annual Renminbi internationalisation report suggested that total issuance of CNH bonds, also known as offshore Rmb bonds, reached Rmb670.2 billion $92.5 billion in 2023 86% of them were issued in Hong Kong.
Bloomberg data revealed that during the first half of 2024, CNH bond offerings from Chinese issuers totalled some Rmb291.3 billion.
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