汇丰银行离岸人民币业务路演材料 HSBC-OFFSHORE RMB BUSINESS_AUSTRALIA ROADSHOW.pptVIP

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汇丰银行离岸人民币业务路演材料 HSBC-OFFSHORE RMB BUSINESS_AUSTRALIA ROADSHOW.ppt

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汇丰银行离岸人民币业务路演材料 HSBC-OFFSHORE RMB BUSINESS_AUSTRALIA ROADSHOW

PPT – from Mark’s IR ppt: NOTES for internal reference: Same day remittances to 97 cities across mainland China, with a cut-off time of 4:30pm Applicable only to HKD/USD remittances from HSBC in HK to HSBC in mainland China (with a cut-off time of 4:30pm), or to the Bank of Communications in 97 cities across mainland China (with a cut-off time of 4pm), from Monday to Friday except public holidays. [Updated] RMB deposits in HK [Updated] RMB Trade settlement volume Overview of Offshore RMB Bond Market Under the favorable regulatory environment, the offshore RMB bond market has developed rapidly in recent years 2-3 year bonds accounted for 84% of total issuance so far, indicating the strong demand for short tenors Issuer type has broadened significantly and now includes Chinese banks, Chinese corporates, foreign banks, foreign corporates, sovereign, as well as supranational * excluding synthetic RMB bond issuances New issuances by Issuer Type (2010)* New issuances by Issuer Type (2011)* New issuances by Tenor (2010)* New Issue Volume (RMB bn) 30 RMB Issuance in Hong Kong In 2010, the offshore RMB bond market developed rapidly on the back of PBoC and HKMA’s supplement regarding expansion of offshore RMB businesses Total issuance volume topped RMB40 billion In 2011 so far there are 7 bonds/CD issued or announced and the good momentum is likely to continue Source: Bloomberg, HSBC HSBC involved deals in red New Issue Volume (RMB bn, including synthetic) * * Yield Curves : Offshore vs. Onshore The graph shows the yield differentiation between Onshore and Offshore market. The Onshore curve is mainly determined by PBoC policy on the deposit and lending rates, whereas the Offshore curve is mainly affected by local liquidity. In the deposit market, banks normally pay slightly below 0.865% which is the call rate set by the Clearing Bank as compare with 3.0% Onshore 1Yr Deposit Rate. Source: Bloomberg, HSBC Indicative Yield for Onshore and Offshore RMB Bonds Yield Tenor