The internationalisation of the RMB continues. Deutsche Bank has completed its first renminbi debt offering in Taiwan with a 1.1 billion renminbi (US$179.39 million) self-led deal. The bond is spread across two tranches, a three-year bond at 2.45% and a five-year callable bond at 2.65%.

This is the first renminbi bond issued in Taiwan by a foreign entity, the largest ever renminbi-denominated Formosa issuance, and the first renminbi Formosa bond with a call feature. The bond is listed on the Gre Tai exchange in Taiwan, which means that Taiwanese retail investors are able to directly invest in the bond.

Deutsche Bank hopes that this will be the first of many international issuers coming to Taiwan seeking renminbi financing. They estimate that Taiwan's renminbi deposit base will grow to 100 billion renminbi by the end of 2013, and to 200 billion renminbi in the next two to three years, supported by allocation/diversification demand from both corporate/institutional and retail investors.