Asia Pacific

Export-Import Bank of China (Chexim) raised Rmb2bn ($314m) from a two-tranche deal on Monday, quickly following China Datang Corp’s Rmb1bn deal at the end of last week. Bankers said mainland issuers were tapping the market to avoid clashing with a pending deal from China’s Ministry of Finance.

Export-Import Bank of China (Chexim) approached offshore renminbi investors with a dual-tranche deal on Monday, offering a 15 year bond that matches the longest maturity ever sold in the market. But bankers are sceptical that many more issuers will sell long-dated deals before the end of the year.

China Datang Group met investors this week to drum up demand for its debut in the offshore renminbi market, heading to the market before a planned deal from China’s finance ministry.

L-Bank plans to be an active participant in the dim sum bond market to support the renminbi trade settlement activities of its region’s industrial giants, says funding official Sven Lautenschlaeger.

Indonesian telecommunications company Indosat is pitching Rph2.5tr ($264m) of conventional and sukuk bonds this week, returning to its domestic bond market for the first time in more than two years.

Swedish lender Nordea on Thursday morning priced its long-awaited debut Samurai deal, selling five tranches totalling ¥120.2bn ($1.5bn) in a transaction that had been postponed since last November. Bookrunners for the deal were Bank of America Merrill Lynch, Mizuho and Nomura.

New regulation will open the dim sum market to Chinese leasing companies for the first time, though rising yields offshore as well as easy access to loans in China may keep these players on the mainland.

China Datang Group will meet investors this week to drum up demand for its debut in the offshore renminbi market, heading to the market before a planned deal from China’s finance ministry.

Standard Chartered analysts have revised their forecast for the renminbi against the dollar, adding to growing doubts about the appreciation of China’s currency. That could help bankers convince mainland corporations to tap the market in greater size.

The renminbi has experienced its biggest drop in almost 20 years and downside risks remain in the short-term as the currency becomes more market driven, say analysts.

The UK bank was a clear winner in our inaugural offshore renminbi survey, topping all product categories. Both it and the runners up all consider the emergent international currency to have enormous potential in the months and years to come. Richard Morrow reports.