Asia Pacific
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Having issued a A$900m 10 year last week, Westpac returned to the covered bond market on Monday to mandate its second US dollar benchmark of the year. It follows recent dollar deals from Royal Bank of Canada and NordLB and will be the fourth in that currency from an Australian issuer this year. The deal news came as Fitch launched an Asian covered bond publication.
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Hong Kong Airlines starts investors meetings this week ahead of a Reg S offshore renminbi deal. The performance of recent dim sum debt bodes well for the borrower’s second visit to renminbi market, said bankers on the trade.
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BOC Aviation attracted a large sovereign wealth fund following for its maiden offshore renminbi bond on November 13.
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Ping An Insurance dived into the dim sum market again on November 13 after reverse enquiry and unsatisfied demand for an offshore renminbi deal completed a few weeks ago had the issuer eager to sell more.
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Chinese bond regulators are developing a scheme to allow foreign companies to issue private placements into the interbank market, viewed as a precursor to the launch of a Panda bond market.
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Westpac is set to price the second 10 year covered bond deal in Australian dollars, just three months after Australia and New Zealand Bank’s successful debut. This will be only the second Aussie dollar issue from a domestic bank this year, but the fourth in the currency, as Canadian issuers have also been prevalent.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Flush liquidity in the offshore renminbi market, helped by new channels for MNCs to release their previously trapped cash, will keep CNH rates stable while rates in mainland China continue to rise.
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In this week’s round up of offshore renminbi news, Deutsche Bank gets access to the Shanghai free trade zone, Taiwan will allow Chinese bao dao issuance, and ICBC gears issues a UK dim sum bond.
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Bankers and companies have hailed the Free Trade Zone in Shanghai as a progressive step. Dig a little deeper, however, and it’s hard to assess its potential – principally because so little has been revealed. Ian Driscoll reports.
