Asia Pacific

Renminbi non-deliverable interest rate swaps (NDIRS) have been well offered on easier liquidity conditions and a long-end outperformance has driven some curve flattening momentum on Wednesday. Despite this, sources see scope for the curve to flatten further. Offshore interest in CNY bonds is said to be growing, writes Deirdre Yeung of Total Derivatives.

Thailand’s PTT Exploration and Production (PTTEP) began marketing a perpetual non call five on Wednesday as part of a liability management exercise.

New issue momentum in Asia’s debt market continues to be strong with Powerlong Real Estate Holdings and China National Chemical Corp (ChemChina) collecting bids on Wednesday, as Sinochem International Corp prepares to hit the road.

Morgan Stanley has rejigged the top brass of its Asia Pacific investment banking division, promoting some of the firm’s veteran bankers.

China’s renminbi internationalisation (RMBi) strategy has seen a clear shift from pushing for the currency’s usage abroad to bringing investors into the onshore market. It is time to take a more nuanced view of renminbi internationalisation.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

KazmunayGas has failed to persuade its investors to remove covenants from its debt, with buyside analysts blaming the small fee offered and the lack of a coherent strategy.

Property company Jinmao has sealed its second Panda bond of the year, raising Rmb2.5bn ($367.7m) from a three year note on Monday. The deal priced towards the tight end of the coupon range, a source told GlobalRMB.

Yinchuan Tonglian Capital Investment Operation Co has mandated two banks for its first international dollar bond, with roadshows to kick off on Wednesday.

Allocations are out for a $200m borrowing for Indonesian automobile finance company Mandiri Tunas Finance (MTF).

Oceanwide Holdings International and Metallurgical Corporation of China (MCC) snagged investors on Monday for their new bonds, with the former going for a 363-day deal despite having regulatory quota for a longer transaction, while the latter capitalised on strong demand for its recent trade to bag $500m from a tap.

Indonesian vehicle financier BFI Finance is returning to the loan market after a two year break, mandating three banks for its borrowing.