RMB Depreciation Offered A Squeeze On Asian Dollar Bonds: UBSMani
The trend of RMB depreciation helped dampen the USD bond supply as it raises the costs of issuance relative to domestic funding in China, particularly for issuers without USD cash flow or assets, notes UBS analyst. Edwin Chan said in his April 19 research note titled “2Q16 Outlook: The dynamics may start to reverse” that he downgraded China IG SOEs to Neutral from Overweight on potential ratings actions and supply.
RMB depreciation: Technicals underpinned . . .
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