Asia Pacific

With the renminbi-dollar cross currency swap (CCS) shooting up to record levels over the past week, international high grade issuers could be tempted back in to the offshore renminbi (CNH) market.

State-owned enterprise Dalian Port became the first Chinese issuer to tap the offshore renminbi bond market this year on February 11, raising Rmb800m ($130m) from a three year bond. But it was a tough deal to execute as demand was lukewarm and it was only the presence of anchors that helped push the credit enhanced bonds through.

National Australia Bank issued its first euro benchmark covered bond of the year, and by choosing a maturity that would offer investors a relatively attractive yield, the issuer ensured a strong reception.

The securitization market could offer a financing solution for the energy market in Japan, where the government is pushing rooftop solar panel facilities as an alternative to nuclear power following the closure of nearly all the country’s nuclear plants in the aftermath of the 2011 tsunami and earthquake and the ensuing Fukishima accident.

Export Import Bank of Korea (Kexim) sold its second offshore renminbi bond in as many weeks, raising Rmb1bn ($162m). This time, the sophisticated Korean issuer took the unique approach of reaching out to both onshore Taiwan investors and offshore Reg S investors, issuing what became the first CNH public bond transaction out of Korea dual listed in Taiwan and Singapore.

Maybank, Malaysia's largest bank by assets, has launched its debut renminbi offering in Taiwan’s Formosa bond market, sources close to the deal have told GlobalRMB.

French bank Société Générale is preparing to issue its debut Formosa bond, eyeing a three year transaction with an initial guidance of 4%. At the time of writing the issuer was mandating an underwriting group.

NAB has mandated joint leads for the second euro denominated Australian covered bond of the year. A long dated transaction is envisaged and books are expected to open on Thursday.

Taiwan investors' preference for longer tenors and a better performing US economy than that of Europe have helped Morgan Stanley tap the Formosa bond market at the same level as Deutsche Bank, despite selling a longer deal and being rated as much as two notches below the German borrower.

Export Import Bank of Korea (Kexim) is looking to tap the Formosa bond market for the second time in less than 10 days, opening books to a offshore renminbi-denominated three year transaction on February 10.

The Shenzhen expansion of the Shanghai-Hong Kong Stock Connect will be up and running this year, Hong Kong chief executive CY Leung told the press on February 9.

Bank of China Sydney (BoC Sydney) inaugurated RMB clearing services on February 9 after being appointed to the role in November 2014 by the People’s Bank of China (PBoC).