Asia Pacific
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Suncorp Bank could turn to the euro market for its next covered bond trade after launching an inaugural deal in Australian dollars this week. Meanwhile, both tranches of Clydesdale Bank’s domestic debut were trading tighter on Friday morning. But though the borrower said it will be a repeat issuer in the covered market, the euro basis swap will consign it to sterling for the time being.
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If China is serious about promoting the offshore renminbi bond market why isn’t the Ministry of Finance leading the charge? -
The Republic of the Philippines is mulling a return to the global synthetic peso bond market in the second half of the year, and plans to raise as much as $700m from the deal.
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Hutchison Whampoa has returned to the euro-denominated bond market after two and a half years of absence, achieving a successful sale at a tighter spread than its dollar curve.
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Australian lender Suncorp-Metway sold its debut covered bond on Wednesday, raising A$1.6bn ($1.56bn) after adding a short-dated tranche that boosted the deal to more than double what the bank was initially aiming for.
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The bank’s global asset management arm has reduced exposure to Asian local currencies as much as possible across its fixed income funds, but continues to accumulate hedged dim sum debt.
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Philippine conglomerate SM Investments Corp (SMIC) is delaying the pricing of up to Ps15bn ($$344.8m) of retail bonds for a week pending regulatory approval for the transaction, its second domestic offering in nine months.
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Korea Development Bank has mandated five banks to manage its planned up to ¥50bn ($631m) Samurai bond issue as early as next month, its second deal in Japan in less than a year.
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Swedish Export Credit Corp (SEK) returned to the offshore renminbi bond market last week, just four months after its debut, raising Rmb500m ($78.8m) in a deal that paid a premium over the secondary prices of comparable credits.
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Foreign corporates with operations on the mainland can borrow in their home currency and use cross-currency swaps into CNH as an alternative to issuing dim sum bonds.
