Asia Pacific
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State-owned Bank of India has picked banks to arrange a series of meetings that could lead to the first dollar bond from an Indian bank this year.
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Morgan Stanley returned to Singapore’s domestic bond market this week, after more than three years away, and raised S$300m ($233.9m).
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The offshore renminbi market continued its rapid expansion this week, as borrowers from opposite ends of the credit spectrum — supranational lender International Finance Corp and mainland department store operator PCD Stores — sold their own deals and more issuers lined up to tap the market.
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Bank of Moscow this week became only the second Russian borrower to sell debt in Singapore’s bond market, raising S$150m ($117.2m) from a deal that offered investors a big premium over VTB Bank’s market-opening issue last year.
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Malaysian state-owned water company Pengurusan Aset Air Bhd raised M$2.7bn ($884.2m) this week, returning to its domestic market to sell a three-tranche deal that attracted orders of around $3.4bn.
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Indonesia’s Bakrie Telecom sold the first international bond from an Indonesian issuer this year, raising $130m after increasing an outstanding 11.5% May 2015 bond.
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Morgan Stanley returned to Singapore’s domestic bond market at the start of the week, raising S$300m ($233.9m) from an issue that saw it team up again with OCBC Bank.
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Bank of Moscow (BOM) is planning to close its debut Singapore dollar deal before the end of the week, and has approached investors with price whispers of the low-to-mid-4% area. It is hoping to follow fellow Russian lender VTB Bank, which opened the market to Russian credits at the end of last year.
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Evergrande Real Estate Group sold the biggest synthetic renminbi bond yet when it raised Rmb9.25bn ($1.4bn) in the fast-growing market last week. The company received around Rmb33bn of orders — showing the huge demand for those issuers willing to give investors exposure to the appreciation of China’s currency.
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The Republic of the Philippines’ 25 year global peso bond plummeted in the secondary market this week. Investors dumped the paper after a fall in the currency and increasing fears over its long duration.