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Concerns of CNH depreciation had slowed the overall issuance of CNH bonds significantly this year. Sales of offshore yuan-denominated bonds have slumped to 47 billion yuan this year, about a third of 2015’s total. China’s Ministry of Finance issued 14 billion yuan-denominated sovereign bonds in Hong Kong on Wednesday, the first sovereign debt issuance since last November.
A total of 7 billion yuan of three-year notes was issued at an average of 2.9 percent, compared with an average rate of 3.1 percent at the previous auction in November, slightly lower than market expectations of 3.0 to 3.1 percent. The auction results were still good and show a strong demand for CNH bonds.
China's Ministry of Finance plans to issue a total of 7 billion yuan with three-year tenor, 4.5 billion yuan five-year tenor, 1 billion yuan seven-year tenor, 1 billion yuan 10-year tenor and 0.5 billion yuan 20-year bonds through the Central Moneymarkets Unit (CMU), the HKMA said.
On the offshore yuan bond, or dim sum bond, market has faced strong headwinds in the past year as Chinese issuers moved to the onshore debt market to raise funds more cheaply. As China is committed to renminbi internationalization, the Chinese authorities are likely to increase the issuance of government bonds in offshore market to regain the attraction among investors.
