Asia Pacific
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The Middle East’s first offshore renminbi bond issuer, Emirates NBD, has strengthened its investor base, diversified its capital and positioned itself for a strong future in the Chinese market.
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Singapore Telecom priced $700m of bonds without paying any new issue premium to its existing bonds last week.
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Bank of East Asia made its debut in Singapore’s local bond market this week, boosting its capital levels with a lower tier two issue — and achieving a big saving over what it would have paid in the dollar market.
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Favourable environment conditions as well as regulation help combined on and offshore renminbi issuance reach US$10.5 billion in 2012. -
Dubai bank Emirates NBD opened the dim sum market to Middle Eastern borrowers this week, setting a benchmark for other potential issuers from the region. But some syndicate officials are sceptical there will be a big spike in dim sum issuance from the Middle East.
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The commodity supercycle is over, amid lower export and housing construction growth in China, say analysts at Credit Suisse - but infrastructure investment spending could stay strong as it tiptoes towards consumption-led growth
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Why Asian economies can take much more oil price pain
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Energy and transport company Alstom became only the second ever issuer from France to tap the increasingly diverse offshore renminbi bond market, raising Rmb500m ($79.4m) late last week.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Japanese conglomerate Mitsui & Co has raised Rmb500m ($79.4m) from its first foray into the dim sum debt market, keeping up the steady supply of longer dated offshore renminbi bonds. But the issuer paid more on its five year notes than lower rated Baosteel Group.
