Bloomberg News

NAB Sees Hong Kong Keeping Lead as Main Offshore Yuan Market

February 04, 2013

Steve Lambert, executive general manager for global capital markets at National Australia Bank Ltd. (NAB), the third-largest underwriter of yuan-denominated bonds in Hong Kong this year, comments on the market for the currency outside China.

Australia’s fourth-largest lender arranged 2.77 billion yuan ($440 million) of Dim Sum bonds, including certificates of deposit, in the city this year, data compiled by Bloomberg show. The bank ranked 13th last year.

Lambert spoke in an interview on Feb. 1.

On the offshore market in Hong Kong and Europe:

“Hong Kong, for the next few years, will still be the key center but I think you will start seeing a bigger bid predominantly from Europe. So I think Europe will be increasingly important and you will see deals that will be targeted into London.”

On Australian companies’ interest in using the yuan:

“Our better Australian corporate credits at the moment are all pretty cashed up. And they do have a lot of choice about where they fund themselves. We’re trying to present CNH as another option, a very viable option,” he said, referring to the yuan traded in Hong Kong.

To contact the reporters on this story: Stephanie Tong in Hong Kong at; Rachel Evans in Hong Kong at

To contact the editor responsible for this story: Chitra Somayaji at

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