Asia Pacific

Westpac Banking Corp has completed a swift, efficient foray into the Singapore dollar market, printing Basel III tier two notes on August 4. Demand was such that the borrower was able to price the bond by late afternoon and still manage to meet its pricing and diversification goals.

ICBC has established the first round-the-clock RMB clearing facility in its Singapore branch, the bank said in an August 4 statement.

Peking University Founder Group (Founder Group) made a quick return to the offshore bond market on August 3 with a $185m tap to its maiden issue from May.

China Auto Rental (CAR) pulled off a second successful foray in the US dollar bond market, raising $300m after tightening pricing by nearly 40bp on the back of strong demand.

International Finance Corp (IFC) has sold the world’s first green Masala bond. The deal is only the second green bond in the Indian currency and the sixth offshore rupee trade globally.

Deutsche Bank’s head of investment banking advisory and coverage for southeast Asia, Parvati Banati, has exited the German lender, according to sources.

Two Formosa debuts from Korea Development Bank (KDB) and Citi have added to the flurry of issues in Taiwan's offshore renminbi bond market, taking volumes this year to Rmb28.2bn ($4.5bn), compared with Rmb20.8bn for the whole of 2014.

China Construction Bank (CCB) London branch is set to offer its debut multi-currency certificates of deposit (CDs) in the next few weeks. Jinming Hu, co-head of Treasury at CCB London Branch, told GlobalRMB that they would include renminbi-denominated offerings.

Increasing volatility correlation across different asset classes could be an early warning sign of a financial crisis, some investors and strategists have warned, even though options prices have yet to convey any panic.

A $100m three year offshore syndicated term loan for debutante Mitra Pinasthika Mustika Finance has been oversubscribed. The deal, launched into general syndication in May, is due to close imminently.

Despite a flying start, China Railway Signal & Communication Corp’s (CRSC) HK$11.03bn ($1.42bn) IPO in Hong Kong succumbed to the dramatic tumble in China’s stock market, forcing it to price the trade at the bottom of the range.

Korea Development Bank has opened books for an offshore renminbi offering that will be dual listed in Singapore and Taipei, marking the first such deal for the issuer and only the third one ever from a South Korean name.