Asia Pacific

ICBC (Singapore) and Haikou Meilan International Airport sold well-digested dim sum bonds on Thursday, managing to find decent demand despite a challenging funding environment.

Yestar International Holdings Company was the only corporate in the Asian debt market on Thursday, enticing investors for its maiden dollar offering. The issuer bagged $200m from its five non call three, opting to raise a conservative amount with its debut.

In this round-up, Stock Connect southbound flows pick up considerably, the Australian Securities Exchange (ASX) introduces an expanded RMB clearing and depository facility, and RMB clearing in Hong Kong increases in August. Plus, a recap of our coverage this week.

South Korea’s Doosan Bobcat has announced the price range for its IPO, which is expected to raise W2.4tr ($2.2bn) and become the largest listing in the country in six years.

Khazanah Nasional has raised MR1.2bn ($295.3m) after offloading a chunk of shares in Malaysian utility company Tenaga Nasional.

Postal Savings Bank of China will raise up to HK$62.7bn ($8.1bn) via its Hong Kong IPO after setting the price range, putting it on track to be the world’s biggest listing in two years.

Renminbi foreign exchange markets were thrust back into the spotlight this week after the offshore renminbi interbank rate jumped. Analysts believe that People Bank of China's (PBoC) interventions are the driver for the third spike in CNH Hibor this year.

Asian primary bond market calmed down after a frantic Thursday, with only two issuers opening books

KfW this week added its name to a run of offshore renminbi issuers over the last few weeks, with investors appearing to be keen for paper that can offer a yield of over 3%.

CME Group has expanded its reach in both Asia and Latin America, with Hong Kong and Mexico recognising the firm as a central counterparty (CCP).

The US Commodity Trading Futures Commission (CTFC) is divided over derivative rules as it agreed by split vote on Thursday to accept substituted compliance comparability for Japan uncleared margin rules. And one of its three commissioners, Sharon Bowen, raised a number of concerns for systemic financial risk as she voted against the motion.

Olam International returned with a $150m tap of its existing notes this week, managing to find strong demand from fund managers despite ending up with only a modest order book.