Asia Pacific

The People's Bank of China signalled it was not done tinkering with its FX policy framework on July 12, when it made a proposal to expand the RMB daily trading band. Analysts agree the move is a step forward, but add that it contradicts the PBoC's recent push for increased control of the currency.

First-time southeast Asian issuers Parkway Pantai and ABM Investama will meet investors next week ahead of US dollar bond sales. Yinson Holdings, meanwhile, is eyeing a $500m perpetual securities issue.

Celltrion Healthcare is on track to raise W1tr ($882.4m) as it eyes the top of guidance for its IPO, taking advantage of strong demand from international long-only funds, according to a source close to the deal.

China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, is back for a $175m aircraft pre-delivery financing.

Korea Gas Corp took advantage of an improvement in market sentiment after US Federal Reserve chair Janet Yellen spoke to Congress, sealing an $800m dual tranche deal on Thursday.

Singapore Exchange set a new record for its offshore RMB futures contract, a new RMB-denominated gold future kicks off trading in Hong Kong, and UBS Asset Management receives a fund management licence onshore.

Tianjin Tianhai Investment Co, Gemdale Corporation and CCS Supply Chain Management Co are gearing up to go offshore for funding.

The Japan Bank for International Co-operation (JBIC) found traction with a stellar four tranche offering on Thursday, gratifying investors feeling the pinch from a year that has been somewhat light on dollar supply.

The Japan Bank for International Cooperation (JBIC) hit the whole dollar curve on Thursday, launching a quadruple tranche dollar benchmark and managing to pull in spreads by 4bp-6bp on all four tranches.

The Asian Infrastructure Investment Bank (AIIB) could bring its debut bond issue as soon as the end of the third quarter this year, said public sector bankers, after the supranational on Thursday received its second triple-A credit rating.

On Tuesday Bright Food became the latest Chinese corporate to launch a euro bond in Asia. This has become a regular occurrence in recent months. However, this deal saw a higher than usual level of demand out of Europe, prompting some European bankers to speculate on what had changed the demand dynamics for this deal.

The Republic of Indonesia sold one of its classic blockbuster deals this week, raising more than $3bn from a three-tranche bond in euros and dollars. The transaction was a mix of self-promotion and opportunism — and further cements the country’s reputation as one of the savviest issuers in the region, writes Morgan Davis.