TAIPEI, March 21 Taiwan's financial regulator
said on Thursday it is planning to ease rules for local
companies to sell yuan-denominated bonds, a move aimed at
catching up with Hong Kong's "dim sum bonds" market.
The Financial Supervisory Commission (FSC) will likely waive
credit ratings on Taiwan firms who want to issue the RMB bonds,
said an official of the securities and futures bureau, which is
under the FSC.
No other details or timetable were available, said the
official, asking not to be identified as she's not authorized to
speak to media.
Authorities in Hong Kong do not require companies to have
credit ratings for issuing dim sum bonds, the official said. But
more and more companies are tending to get an international
rating for their issues.
Bank of China International's statistics showed that 72
percent of the total issuance of dim sum bonds in 2012 had
ratings, much higher than the 49 percent in 2011.
The yuan bonds, or RMB bonds, made their debut in Taiwan
last month when Chinatrust Financial priced its
three-year debt. Deutsche Bank is expected to get FSC approval
next week to issue Taiwan's second such bond.
Bond issuance in Taiwan is expected to be active at the
initial stage, given strong regulatory momentum to boost
offshore yuan business, analysts say.
(Reporting by Lin Miao-jung; Writing by Faith Hung; Editing by