NDRC signals drop off in offshore bond approvals

Chinese issuance may tail off as regulators indicate they will not approve any more offshore bonds once the National People's Congress gets under way in mid-October.

Indications that China’s National Development Reform Commission NDRC is getting close to its informal offshore bond quota could lead to a drop off in issuance from the country during the fourth quarter according to mainland-based bankers.

The NDRC’s bond approval procedures have frequently been hard to decipher. But Chinese bankers say they are getting clear feedback from the regulator that it is now very close to its country limit for the year.

In the year-to-end August, Chinese borrowers raised $121.63 billion in the dollar-denominated bond markets according to Dealogic figures.

“We’ve also been told there will be no more approvals after the National...

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