Asia Pacific

The supply-demand dynamic for overseas syndicated loans from India so far this year is firmly in favour of demand. This has resulted in price compression that is a headache for banks but makes it a great time for Indian corporates to refinance. Borrowers should act now.

Taiwan's stature as an offshore renminbi hub is being given a lift from expectations of the currency's further depreciation against the dollar. A flurry of deals came in the last month, with a particular surge in the last week.

Sri Rejeki Isman (SriTex) is seeking to return to the dollar bond market for up to $420m in the second half of the year.

Citic Capital Holdings has hit the market for a HK$1.8bn ($232m) three year loan, with six mandated lead arrangers and bookrunners in tow. The company is paying a lower margin for the three year borrowing than for a two year it signed in 2013.

Short-end CNY swaps have been very well offered after the People's Bank of China (PBoC) injected cash into the financial system and increased its currency fixing. The 1s/3s NDIRS slope remains flat but a very near-term correction is thought unlikely given the current equity market volatility, writes Deirdre Yeung of Total Derivatives.

Malaysia’s Ranhill Group, which was forced to shelve an MR753m ($197m) IPO in 2013, will be making a comeback after the reverse takeover of its power and water assets received the approval of the regulators, paving the way for a MR660m deal.

South Korea’s Shinhan Bank wrapped a successful return to the offshore renminbi market on July 27, raising more than initially aimed on the back of strong demand. The issuer was also able to price the new dim sum bond inside its dollar curve thanks to a favourable cross currency swap (CCS).

China Merchants Holdings (International) became the third Chinese issuer in less than a week to access the international bond market with a dual-tranche offering split between five and 10 year bonds on July 27. The identical structures and close proximity of the deals meant it was more or less the same result for the Chinese conglomerate.

Port and ferry service provider Zhuhai Holdings Investment has allocated its new borrowing after raising the size to HK$2bn ($258m), twice the amount at which it was launched.

Kazakhstan Temir Zholy (KTZ), the Kazakh state-owned rail company, has signed a $300m loan with the European Bank for Reconstruction and Development and five other international lenders.

Central China Securities Co wrapped up a HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on Monday after what had turned out to be a longer-than-usual bookbuilding process.

The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.