Taiwan is hoping to give its renminbi bond market a boost in the second half of year by allowing high-net-worth and qualified retail investors to buy the so-called Formosa bonds. The move, which could happen as early as May, will provide a much needed outlet for the rising volume of the RMB deposits.
Korean technology and pharmaceutical company Hanwha Chemical Corp priced a $340m GDR trade on the Singapore exchange overnight Wednesday.
Allocations have been revealed for the $150m loan for Dongfeng Peugeot Citroën Automobile, a joint venture between Chinese company Dongfeng Motor Corp and France’s Peugeot Citroën, which was taken into limited syndication in mid-February.
- Taiwan widens investor access to Formosa bonds
- Woori opens door to Korean Basel III
- Investor demand drives new KBank inside curve
- Tencent downloads jumbo $2.5bn dual trancher
- Hanwha Chem prices upsized $340m Singapore GDR
- MCK aims to spin-off First Sponsor Group on the SGX
- China CNR educates investors ahead of $1.6bn IPO
- Accordia Golf takes a swing at $800m SG business trust
Katherine Lau, head of loan syndicate for Asia Pacific at Barclays, has left the bank after working in the role for just ten months.
Front-end CNY swaps were bid today amid further upward momentum in the fixings. However, 1s/5s swaps steepened up as 5-year swaps underperformed the shorter-end. New rules by the Chinese regular will help bolster capital ratios for the big banks, writes Deirdre Yeung of Total Derivatives.
- Barclays Apac loan head leaves after 10 months
- JP Morgan moves China head to new role
- Deutsche appoints Citi’s Lie as Indonesia CCO
The much heralded Asian M&A boom appears to be finally underway as leading names including Dongfeng Motor Corp, Lenovo and Oversea-Chinese Banking Corp snap up companies. The willingness of banks to lend funds is driving acquisition momentum and with the economic environment perking up, it’s time for companies to splash out.
Bond investors seem desperate to get their hands on anything other than Chinese property and frontier market sovereigns are stepping up to the plate. Recent and lauded sovereign bonds from Sri Lanka and Pakistan have provided much needed diversification and appetite for frontier credits continues to be rife. Bangladesh has been waiting in the wings and now is the perfect time for it to take the plunge.
The Islamic Republic of Pakistan, rated B- / CAA1, will consider it a great result if it can re-establish a five- and 10-year international bond curve this week – following a seven year hiatus – by pricing close to higher-rated Zambia. But for a country with Islamic in its name, with a growing Islamic banking industry and with Islamic finance globally gathering momentum, it would be an oversight if it does not also re-establish a sukuk curve, and soon.
From The Weekly
- Top China securities firms follow corporations offshore
- G3 sell-off no threat to deal pipeline as spreads widen
- Take-privates by property names to build Singapore loan market
- IBK completes $300m GDR offering ahead of time
- Bankers untangle investor concerns to sell Sritex debut
- Indo Exim throws open $600m dual trancher
Cartoon of the Week
- Total Derivatives: 1s/5s CNY swaps steeper as 5y underperforms
- Variance swap trades eyed on China weakness
- Total Derivatives: Front-end CNY bid flattens curve
- MYR/KRW strategy eyed via NDFs
- Option buying seen on new Japan JPX-Nikkei 400 index
- Total Derivatives: Short CNY swap offers drive curve steeper
- Total Derivatives: CNY Swaps well offered on GDP concerns
- HKMA makes change to counterparty risk exposure
- Barclays trading chief moves to BlueCrest
- Exotic books sell long-dated vol
More from Asia
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From Asiamoney magazine
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Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||China Securities Co Ltd||2,999.56||10||5.14%|
|5||Guosen Securities Co Ltd||2,486.66||12||4.26%|
Bookrunners of Asia (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|5||Bank of America Merrill Lynch||6,388.92||37||6.83%|
Asian polls & awards
The country enjoyed some impressive transactions on the back of a resurgent equity market and companies conducting acquisitions, especially SoftBank. ASIAMONEY reveals the top deals of 2013. By Peter McGill.
Several banks impressed in 2013, during a year of renewed capital markets activity. ASIAMONEY reveals which banks stood tallest. By Peter McGill.
The Islamic finance industry continues to grow quickly, in terms of both assets and users. Yet within this fast-growing sector a number of banks tend to stand out for the quality of their services. ASIAMONEY picks the stand-out Islamic banks in Asia and the Middle East for the past year. By Chris Wright.
Each year ASIAMONEY chooses the standout capital markets transaction from each major country in ex-Japan Asia. In Thailand BTS makes several records with the initial public offering of an infrastructure fund based upon the revenues of the Bangkok SkyTrain.
Each year ASIAMONEY chooses the standout transaction from each major market across Asia ex-Japan. In 2013, Taiwan's semiconductor manufacturing giant conducted a debut foray into the bond market for funding to great acclaim.