Asia Pacific
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China State Construction Engineering Corporation sealed a dual-tranche offering split between a three year and five year this week, coming to the market in a week that hosted other deals from Chinese state-backed companies. But thanks to its link to the central government, the issuer managed to raise $1bn effortlessly. -
The senior phase of a $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has closed, with three new lenders coming in.
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Samvardhana Motherson Automotive Systems Group finally broke India's high yield silence, printing the first trade in over a year. Market participants expect the success of the deal to encourage more Indian HY names to sell bonds the second half of the year.
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BMW Automotive Finance is looking to bring out its Rmb4bn ($609m) Bavarian Sky China 2016-1 Trust next week in what would be the joint largest China auto loan ABS by a foreign company.
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Standard Chartered’s Renminbi Globalisation Index (RGI) dropped for the sixth time in seven months, indicating a further decline in offshore renminbi activity globally.
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Chinese environmental solutions provider China Everbright International is planning to spin off and list its subsidiary China Everbright Greentech (CEG) on the Hong Kong Stock Exchange, according to a filing with the bourse on Thursday.
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Malaysia Building Society has fixed the pricing on its MR2bn ($496m) two-call rights issue at MR1 a share, the company said.
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In this round-up, China introduces a new calculation for bank’s reserve ratio, trading of RMB futures in Hong Kong drops, the Shenzhen Stock Exchange (SZSE) is ready for Hong Kong Connect, and Singapore’s central bank sees a slowdown in RMB internationalisation. Plus, a recap of GlobalRMB’s coverage this week.
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Sumitomo Mitsui Financial became the first Japanese bank to issue euro denominated holding company bonds this week, as the country’s banks make steady progress on their Total Loss-Absorbing Capacity (TLAC) funding targets.
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Westpac New Zealand’s €750m five year this week attracted the largest order book and was priced at the tightest ever spread for a New Zealand covered bond. Bank of New Zealand is set to follow.
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A Bank of China index tracking the yield differential between onshore and offshore renminbi debt shows that dim sum bonds continue to look expensive for issuers although the gap is starting to shrink.
