Asia Pacific

A recent flurry of developments related to Chinese offshore and onshore bond markets, coupled with a burgeoning (but not yet flowing) pipeline of Panda bonds is sparking talk that the next great leap forward for cross-currency basis swaps is within touching distance, writes Roger James of Total Derivatives.

Axis Bank revived Indian green bond issuance this week with the country’s third international deal. Financial institutions are expected to dominate the pipeline for the rest of the year, as the challenge of issuing offshore deters other borrowers, writes Narae Kim.

Financial institutions have been propelling loan activity this year raising $4.2bn in Asia ex-Japan to become the third largest contributor to total volumes year-to-date. While Indian, Indonesian, Malaysian and Philippine banks have been regulars in the market, banks from geographies as far away as Latin America and the Gulf are also tapping Asian, specifically Taiwanese, liquidity, write John Loh and Shruti Chaturvedi.

China Hongqiao Group is in the market for a $700m three year refinancing that launched on May 16, via seven bookrunners. The loan offers fees that encourage lenders on a 2015 loan to up their exposure to the company.

Indonesian textile company Delta Dunia Sandang Tekstil has sent out preliminary invitations for participation in its latest $260m fundraising.

ABN Amro has given Brian McGirr a new role as head of debt solutions for Asia, and also named two internal transfers to his team.

Hong Kong’s Financial Services Development Council (FSDC) is calling for the city’s government to start issuing green bonds in order to become a regional centre for green financing.

The four month hiatus in Panda bond issuance in China’s interbank bond market has ended with Chong Hing Bank’s Rmb1.5bn ($229m) note.

China Development Bank (CDB) has raised $1.67bn equivalent from a dual-currency, triple-tranche offering, receiving strong support from Chinese banks and offshore investors.

Jefferies has poached one of India’s top bankers from HSBC to be its head of capital markets for India and southeast Asia.

A new securities joint venture is set to be established under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), with six companies joining hands to form Yuegang Securities.

The founder of JG Summit pared his stake in the Philippine conglomerate on Wednesday, raising a larger than planned Ps11.70bn ($250.75m) in the country’s biggest accelerated share sale in two years.