Asia Pacific

A $500m financing for State Bank of India has launched into general syndication following a senior phase that saw three lenders come in.

Dongfeng Motor Group made a successful offshore debut with a euro-denominated bond this week, which is expected to provide a benchmark for Chinese auto companies eyeing euro notes.

The Republic of Korea has picked six banks for a bond that will include the first renminbi-denominated trade from the sovereign. The RMB portion is highly likely to be issued offshore but there’s also a possibility that the country will attempt to enter the recently reopened Panda market.

China Universal Leasing is seeking to manage borrowing costs on an offshore Rmb1.5bn ($236m) loan sealed last year by changing the benchmark to the People’s Bank of China rate from CNH Hibor.

The question about whether the renminbi will be included the IMF Special Drawing Rights basket of currencies has already been decided. At least that’s the view from industry experts who are preparing for life after the RMB becomes a reserve currency.

A $500m five year loan for State Bank of India, which launched into senior syndication in August, has attracted three lenders at the top level.

Intercity, the Turkish car lessor, has signed what is thought to be the first ever Samurai loan for a Turkish company, for €40m. But Japanese investors will not come piling into the Turkish market, said one banker.

The People’s Bank of China priced its first offshore renminbi bond late on October 20, raising Rmb5bn ($788m) in a deal widely hailed as an important milestone in the internationalisation of Chinese capital markets.

Abu Dhabi Commercial Bank this week made a rare appearance in Hong Kong dollars, selling what is only its second private MTN in the currency in nearly eight years.

China Reinsurance has pulled off one of the year’s largest IPOs in Hong Kong, and all signs are pointing to an equally positive finish for China Huarong Asset Management. But while their success bodes well for market sentiment, participants would be wise not to oversell a recovery too quickly.

Chinese company Minsheng Financial Leasing, which launched a $200m offshore loan in July, has reduced the margin on the deal by 45bp.

India's Rural Electrification Corp, which sent out a request for proposals for a loan of $150m in September, has zeroed in on two lenders to supply the funds and doubled the size of its deal.