BoCom Formosa highlights Taiwan’s edge

Taiwan’s first triple-tranche renminbi bond has attracted strong interest from yield-seekers.

Taiwan's first triple-tranche renminbi bond, from Bank of Communications on Monday, underlines the market’s ability to generate demand for renminbi products.

BoCom's Rmb2 billion $328 million bond highlights the success of the island, which is competing with other financial cities to be a major offshore renminbi hub, in attracting renminbi business.

Taiwan had accumulated Rmb165.8 billion at the end of January, according to data released by the island's monetary authority, a 17-fold increase from February 2013 when it started its renminbi deposit business.

The market, however, may be undervalued by most issuers, compared to other markets,...

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