FT: Russian issuers lead offshore CNY market.

By bne IntelliNews February 26, 2013
Russian issuers lead in terms of placing securities denominated in so-called "offshore" CNY, even surpassing the Chinese issuers, Cbonds reports citing the Financial Times. Since the beginning of 2013, Russian issuers placed USD 482mn worth of bonds in the currency, while Chinese companies placed USD 477mn. Namely, Rosselkhozbank issued 3-year Eurobonds worth CNY 1bn at 3.6%, Russian Standard bank issued 2-year bonds worth CNY 500mn at 8%, VTB placed additional CNY 1bn bonds at 3.802%, and Gazprombank issued 3-year Eurobonds worth CNY 500mn. Last year there was only one deal in CNY with a Russian issuer. In January 2013, overall USD 1.2bn worth of securities denominated in CNY were placed by all the issuers, a maximum since March 2012.
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