Asia: PRC regulators relax oversight

Author: Brian Yap | Published: 24 Aug 2017
Chinese authorities say relax (but not too much)

China's panda bond market clawed its way back into the international spotlight when Malaysian banking giant Maybank priced its first onshore renminbi bond worth RMB1 billion ($148 million) on July 21. The Malaysian lender's debut ended eight months of drought on China's interbank bond market (CIBM) following the National Bank of Canada's (NBC) RMB5 billion debut issuance last November.

The panda bonds issued by the respective lenders are considered groundbreaking because they are not only the first entity from their respective country to have issued RMB debt onshore, but also the only two foreign issuers headquartered in jurisdictions that have their own national accounting systems other than the international financial reporting standards (IFRS). China only recognises the IFRS, which are adopted...



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