Asia Pacific

Everbright Securities Co has mandated seven banks to work on what would be the company’s first outing to the international bond market.

Widespread concern over China’s currency strategy put the brakes on European banks’ use of the dollar market this week, which began with a $7.5bn raid on the currency by four borrowers.

China’s devaluation of its currency has halted private medium term note business in offshore renminbi after it led to a plunge in the renminbi/dollar swap rate. But when the basis swap stabilises issuance will return just as soon as investors readjust their yield targets, say MTN bankers.

Export-Import Bank of Korea (Kexim) launched its largest ever Kangaroo this week, while a trio of rare SSAs tapped the Kanga long end. And more deals in the long dated part of the curve are on the way, say niche currency bankers.

With China’s devaluation having brought rising uncertainty across global markets, volatility measures for many options on exchange traded funds have not kept pace with those that reference their underlying securities.

Back in 2010, Brazil’s finance minister Guido Mantega warned that the world was in the midst of a “currency war” in the wake of US quantitative easing. The term is now back in vogue after China made the shock decision to devalue its currency.

The People’s Bank of China stunned financial markets this week when it weakened the onshore RMB (CNY) fixing by nearly 2% — the largest single day depreciation ever.

Opinion is divided about whether this week's unexpected move by the People’s Bank of China (PBoC) to devalue the renminbi marks a landmark for the country or reeks of desperation.

The People’s Bank of China (PBoC) said on Thursday that it would allow qualified foreign entities to participate in the onshore foreign exchange market in a move that is aimed at helping encourage the convergence of the onshore and offshore renminbi FX rates. The development came in an already turbulent week for the RMB, which has seen a big devaluation as the PBoC changes its approach.

HM Sampoerna, the Indonesian arm of cigarette giant Philip Morris International, will go to shareholders to raise up to Rph26.70tr ($1.98bn) via a rights issue as it seeks to increase its free float.

Metro Retail shops around $123m float — Alkem Laboratories files $200m listing — CRCC High-Tech gets IPO on track

I know it can be exciting to boast about your business trips. But youngsters in the business really need to make sure they know who they are bragging to.