Deutsche Bank has completed selling its first renminbi debt offering, for a CNY1.1billion (US$179.39 million), in Taiwan by a foreign entity.
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Deutsche Bank head of global markets for Taiwan, Cynthia Chan, said: "This transaction reflects the strong demand for renminbi assets in Taiwan, and points to significant potential for the growth of this market."
The bond, which is the first and largest ever renminbi-denominated Formosa issuance, is spread across two tranches – a three-year bond at 2.45% and a five-year callable bond at 2.65%.
The bond is listed on the Gre Tai exchange in Taiwan, by which Taiwanese retail investors will be able to directly invest in the bond.
Deutsche Bank expects that Taiwan’s renminbi deposit base will grow to 100 billion by the end of 2013, and to 200 billion in the next two to three years, supported by allocation demand from both corporate and retail investors.
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