Asia Pacific

Gemdale (Asia) Investment is out with guidance for a new dim sum bond and joins the raft of Chinese property names to have already hit the market this year.

Dim sum regular Caterpillar opted to price its latest dim sum deal wider than other recent bonds from multinational corporates on Monday night, with a view to shoring up demand for future issues.

Bank of China (Singapore) has launched price guidance for a dual tranche offshore renminbi bond on Tuesday, in what will be the first deal this year specifically targeting Singapore investors.

Agile Property Holdings' debut offshore renminbi bond put in a strong performance, with an order book of more than Rmb5bn ($820m), despite investors in the dim sum market becoming more discerning. The borrower also managed to save 125bp compared to its dollar funding levels.

Caterpillar is cementing its position as one of the most frequent issuers in the dim sum market, launching price guidance for a seventh deal on Monday.

BP Capital Markets has announced guidance on a five year offshore renminbi transaction, returning to the dim sum market for the third time since its first bond in 2011.

Reports by credit rating agencies indicate 2014 could be a strong year for the Chinese securitisation market, but regulators need to allay concerns over data and rules quickly.

The People’s Bank of China (PBoC) Shanghai head office issued a notice last Thursday detailing how it intends to support the Shanghai Free Trade Zone (FTZ) to promote renminbi cross-border business, according to a version of the document obtained by Asiamoney, writes Carrie Hong.

Agile Property Holdings was out in the market with its debut dim sum bond on Friday, joining a host of other repeat issuers and making the most of cheaper funding opportunities.

The dim sum market is in full swing this week, with Mitsubishi UFJ Lease & Finance, Unilever and China Citic Bank all pricing three year deals on Thursday.

China Properties Group’s dollar bond had still not materialised by Thursday afternoon, despite announcing price guidance on Wednesday morning. The borrower’s fundraising plans have faced a number of setbacks, as earlier this week it had told investors it was issuing an offshore renminbi bond.

Italy’s largest bank, Intesa Sanpaolo, had a good response to its debut dim sum this week but restricted European orders as it sought to build an Asian investor base. The borrower also capped the size at Rmb650m ($106m) as it needed to pay a premium over its euro curve.