Relative value of CNH bonds to remain unattractive in H2

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Relative value of CNH bonds to remain unattractive in H2

August 16, 2012

From Chien Mi Wong

The relative value of offshore RMB bonds compared to both onshore and US dollar bonds will remain unattractive as downward pressure on Chinese government bonds’ yield curves escalates, says BoA-Merrill.

The offshore renminbi bond market is in for a tough few months as onshore Chinese government bond (CGB) curve is likely to flatten in the second half of the year.

Offshore renminbi bond market yields are on average 1% lower...

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SOUTHEAST ASIA DCM

Rank

Bookrunner Parents

Deal Value $ (Proceeds) (m)

No.

%share

2012 YTD Rank

HSBC

4,160

8.3

Standard Chartered Bank

4,110

8.2

Goldman Sachs

3,666

7.3

Deutsche Bank

3,354

6.7

Citi

2,774

5.5

DBS

2,341

4.6

JPMorgan

2,288

4.5

CIMB Group

2,095

4.2

Siam Commercial Bank

1,835

3.6

RHB Capital Bhd

1,688

3.4

Subtotal

28,311

161

56.2

Total

50,423

249

100.0

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