Asia Pacific

Bankers have lined up the first-ever dim sum bonds from Indian and Malaysian borrowers, after convincing Infrastructure Leasing & Finance Services (IL&FS) and Genting to test demand from offshore renminbi investors.

Two Indian borrowers have added their names to a growing list of potential dollar bond issuers, showing that DCM bankers are still able to win mandates despite the dire state of the dollar bond market. But some bankers fear that the growing pipeline will only cause trouble in the long run.

After a strong start to the year, the Samurai market is beginning to flag for FIG borrowers, with two transactions pulled in the space of a week.

Bank of America Corp is preparing to extend international banks’ golden run in the Samurai market next week. It will follow a four tranche trade Lloyds deal that was priced this week — and which may be the last European name to print until volatility subsides.

The offshore renminbi bond market has clearly captured the imagination of investors: volumes are constantly rising, and more and more funds are being set up to profit from the excitement surrounding the market. But not all investors are bullish about dim sum bonds, even those running renminbi-dedicated funds.

The offshore renminbi bond market has clearly captured the imagination of investors: volumes are constantly rising, and more and more funds are being set up to profit from the excitement surrounding the market. But not all investors are bullish about dim sum bonds, even those running renminbi-dedicated funds. Hayden Briscoe, the manager of a newly-created AllianceBernstein fund, told EuroWeek Asia that he plans to allocate only a small portion of his CNH-focused fund to the bond market.

FIG issuers continue to capitalise on low domestic supply in the Yen market, with Lloyds pricing a Samurai on Friday and Bank of America mandating for a trade.

Africa looks poised to gain the upper hand in its negotiations over the investment and trade deals with China that are so central to the continent’s growth model

The US Treasury has called on China to bring its business dealings in Africa into line with international standards

South Korean food company Cheil Jedang Corp is planning to make its debut in the offshore renminbi bond market, and has given BNP Paribas its first sole mandate in the fast-growing market.