HSBC has issued the first off-shore renminbi (RMB) bond for a Middle Eastern issuer, with the launch of Emirates NBD’s (ENBD) debut thee-year CNH$1bn (US$158m) bond. This issuance adds to HSBC’s list of RMB firsts, including launching the first RMB bond out of India (IDBI Bank RMB650m)
RMB off shore bonds are effectively structured to allow issuers to borrow directly in CNH RMB – the off shore Chinese currency. These bonds help issuers broadening the spread of investors they borrow from – tapping the important Asian market – and allow Asian investors to buy bonds in their own currency.
Abdulfattah Sharaf, chief executive officer (CEO) of the UAE, HSBC said: “We feel that this deal has significance for the MENA [Middle East and north Africa] region. Issuances like this from strong regional names really help establish the UAE as a financing centre among Asian investors. As the economic centre of the world continues to shift towards the East, it’s more important than ever that the Middle East seizes the opportunity to connect with by fast growing Asian economies, above and beyond its traditional role as the provider of energy resources.”
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