Asia Pacific

Commodity trader Trafigura has returned for its annual Asian financing, seeking $1.6bn from the offshore loan market. A number of existing lenders have formed the mandated lead arranger and bookrunner group for the deal, which mirrors the company’s 2014 fundraising in structure.

Die casting machine manufacturer LK Machinery Co has launched syndication for an HK$600m ($77m) three year amortising loan, picking HSBC and United Overseas Bank to arrange the deal.

Zhuhai Huafa Group is preparing to make its second foray into the offshore bond market, with investor meetings expected to kick off on July 23 for a renminbi offering.

Chinese companies are really taking the euro bond market in their stride this year, with Beijing Energy Investment Holdings (BEIH) adding to the record-breaking volumes with another €300m ($326m). But unlike the euro deal from state-owned peer Beijing Infrastructure a day earlier, BEIH had to rely more on anchor orders to get its deal away.

One of India’s largest port operators Adani Ports and Special Economic Zone is venturing into the international bond market for the first time, opening books for a 144A/Reg S five year on July 22.

Members Equity Bank priced a A$1.5bn Australian RMBS, its first of the year.

Beijing Infrastructure Investment returned to the euro market on July 20 with a €600m ($650m) four year bond, just four months after making its debut in the currency. The quick return was a resounding success for the state-owned issuer as investors that had stayed on the sidelines for the first deal came pouring in.

Commonwealth Bank of Australia and Lloyds Bank sold a quartet of private medium term notes in renminbi on Monday — and more notes in the currency could follow.

Export Import Bank of Korea (Kexim) is set to make another outing to the offshore renminbi bond market this year with a new bond dual listed in Taiwan and Singapore. It looks to take advantage of cost currency swap rates between dollars and renminbi.

Singapore listed property developer Oxley Holdings has launched an S$110m ($80m) two year bullet into the market. The company has picked one bank to arrange the financing, which offers a margin that steps up based on time elapsed.

Beijing Energy Investment Holding (BEIH) is set to join the string of Chinese issuers who have increasingly tapped the euro bond market this year.

The unusual execution of some recent Chinese euro deals might not be everyone’s cup of tea, especially those participants who like to preach best market practices. But the doomsayers should not be so quick to condemn. What the Chinese have shown is the type of flexibility that is needed to get deals done.