Asia Pacific

Hainan Airlines priced its three year offshore renminbi bond on May 15, raising Rmb1.7bn ($273m) at a coupon of 6.25%. The deal was the first offshore RMB corporate bond to be listed, cleared and settled in Singapore, and as such was welcomed by bankers as a new development in what the city-state calls its "Lion City bond" market.

China Construction Bank has mandated banks for a renminbi-denominated bond via its Frankfurt branch next week in a deal that will be the first Frankfurt-issued CNH bond from a subsidiary of a Chinese name — and is only the third Frankfurt-listed RMB bond.

China A-share listings could restart as early as this month, bankers hope, after the publication of new policy principles and rule tweaks signalled that the regulator was ready to turn the tap back on. But while the deal activity will be welcome, the problems seen at the start of the year still linger, writes Rev Hui.

Hainan Airlines opened the books for a three year offshore renminbi transaction on Thursday, with investor demand reaching Rmb3bn ($481m) by late afternoon. The deal will be the first offshore RMB corporate bond to be listed, cleared and settled in Singapore.

The decision by a joint venture between Russia and China to invest up to $2bn in key infrastructure projects will relieve the pressure on the Russian government to attract funds to offset the massive flight of capital

Westpac has priced the first dollar-denominated benchmark covered bond of 2014. Though the cross-currency basis swap is unfavourable, the dearth of dollar issuance has caused spreads to tighten and the cost of funding was close to what it could have achieved in euros. The strong result is likely to have piqued interest in the market among Canadian and other Australian issuers.

China Construction Bank is set to launch a renminbi-denominated bond via its Frankfurt branch this week, according to two bankers close to the deal. It will be the first Frankfurt-issued CNH bond from a Chinese issuer, as Agricultural Bank of China's recent Frankfurt-listed deal was issued in Hong Kong as a dim sum deal.

Agricultural Development Bank of China (ADBC) has opted for a single two year bond for its latest transaction in the offshore renminbi market, breaking away from its history of multi tranche issues.

Hainan Airlines (Hong Kong) is planning to offer its next offshore renminbi bond in Singapore, according to two bankers close to the issuer. If successful — the deal could come this week — it will be the first offshore RMB coporate bond to be listed, cleared and settled in Singapore.

The EBRD will take on Libya as a member this week but analysts are warning that the multilateral may be biting off more than it can chew

The splintering of Ukraine could have a big impact on the country’s bonds, according to an analyst who warns that debt might have to be reissued or even defaulted on if the country continues to lose regions to independence — or Russia.

China Construction Bank Sydney Branch printed a Rmb500m ($80m) two year offshore renminbi bond on Monday, a small deal but one that established a footprint for the issuer in the Australian CNH market. The transaction followed an Rmb2bn bond from Bank of China Sydney last month.