Asia Pacific

Shanghai Huayi Company, is due to kick off three-day investor meetings this week in Asia and Europe for its inaugural dollar bond issue. It joins the growing list of provincial SOEs that coming to the offshore debt market.

Northbound trades on the Shanghai-Hong Kong Stock Connect hit their daily quota before 2pm on its maiden trading day, in a blowout success for at least one half of the landmark trading link.

The Shanghai-Hong Kong Stock Connect, which goes live on Monday, is temporarily waiving taxes on capital gains for users of the landmark trading scheme, although dividends will be levied a 10% tax.

The CNH market got a welcome dash of diversification on November 13 with India’s ICICI Bank making a rare appearance in that currency via a three year bond. The variety that ICICI brought to the market, coupled with an abundance in liquidity, meant the issuer was able to raise capital at a favourable funding level.

Philippines’ Security Bank Corporation is due to hold investor meetings next week for its debut dollar bond, the lender’s first move to tap into broader capital market in dollars.

Liberty Financial has been marketing its second Australian RMBS transaction of the year this week, looking to place up to A$400m of bonds in a market that has absorbed over A$3bn of supply in the last two weeks.

Offshore renminbi bonds sprang back into life this week, with a rush of deals hitting the market. While the frantic pace of issuance is unlikely to last until the end of the year, the pick-up shows the CNH market is developing fast and sets the scene for a stronger 2015, writes Rev Hui.

The long-delayed Shanghai-Hong Kong Stock Connect (SHKSC) will finally get off the ground next week, with trading set to begin on November 17, opening the floodgates to China’s $3.9tr A-share market.

China High Speed Transmission (CHST) Equipment Group tapped into the dim sum market for the first time on November 12, raising more than it was targeting, with a Rmb650m ($106m) trade.

China’s Wanhua Chemical successfully completed its first foray into the offshore debt market on November 12, pricing a three year dim sum bond.

Monday November 17 is looking set to be a busy day for Hong Kong's RMB business. Not only is it the official launch date for the Shanghai-Hong Kong Stock Connect (SHKSC) and the first possible date for the next auction of Chinese government dim sum bonds in Hong Kong, but now it will also mark the first opportunity for residents of the SAR to convert funds into renminbi with no daily limit.

China’s Bohai Steel Group and Universal International Leasing made it a busy day for the CNH market on November 11 as reverse enquiry from investors led the issuers to tap their existing bonds for a combined Rmb1.1bn ($179m).