Asia Pacific
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Philippine lender BDO Unibank is considering selling long-term bonds and redeeming short-maturity debt, after setting up a $2bn euro medium term note programme this week, Nestor Tan, the bank’s president told EuroWeek Asia.
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The Philippines has sent out a request for proposals to several banks to manage a retail bond offering and a separate local debt swap, said a government official.
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In this round up of recent regulatory news, India proposes to reclassify restructured loans as non-performing, China relaxes rules regarding insurance company investments, Taiwan allows banks to buy dim sum bonds, Australia consults on retail trading of bonds and Singapore prepares the way for a renminbi clearing bank.
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The China rating agency has become the first to assess offshore renminbi bonds and believes its assessment methods will confer better ratings. But it needs to demonstrate a trustworthy methodology to convince international investors.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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At first glance, China’s PMI figures for July do not make cheerful reading and markets look to the PBOC to lower rates or cut RRR -
The stressed cover pool losses of Australia’s covered bonds are worse than those in core Europe, Moody’s first performance overview of the jurisdiction revealed on Tuesday. However, Australia still boasts highly rated issuers and impressive collateral scores.
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Hong Kong Monetary Authority (HKMA) has announced new policy on renminbi (RMB) banking services on last Wednesday; Moody’s says the change the credit positive for the city’s banks. Joyce Lee reports.
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China’s Sinotruk (Hong Kong) raised Rmb1.8bn last week, making its return to the dim sum debt market after two years of absence — and overcoming initial worries that the deal would not appeal to investors thanks to a profit warning earlier this month.
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Philippine investment bank First Metro Investment Corp is offering retail investors a premium of at least 77bp over benchmark government bonds for its latest dual-tranche deal. Bankers said the yield is juicy enough to entice investors, especially given expectations of future rate cuts.
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The overseas branches of Taiwanese banks will soon be able to invest in dim sum debt issued by Taiwanese companies. This will likely lead to further issuance in the offshore RMB market.
