Asia Pacific

Chinese property company Shui On Land made its second trip to the synthetic renminbi bond market on Wednesday, getting more than Rmb17bn ($2.58bn) of orders for a deal that followed its market-opening issue at the end of last year.

Shui On Land is planning to return to the synthetic renminbi market on Wednesday after approaching investors with a deal that could be worth as much as Rmb3bn ($455.6m), the same amount it raised from a market-opening deal at the end of last year.

Hong Kong-based conglomerate Hutchison Whampoa is planning to list some of its ports in a deal that could be worth around $6bn, a record amount for the Singapore stock exchange.

The Republic of the Philippines’ most recent global peso bond has plummeted in the secondary market, after investors dumped their bonds in reaction to a fall in the currency — as well as increased skepticism among international investors about long maturity debt.

Evergrande Real Estate Group was planning to close a synthetic renminbi bond worth as much as $1.5bn as EuroWeek Asia went to press on Thursday. The deal will be by far the largest synthetic renminbi issue yet, and shows the speed at which the market has developed to become a key area of activity in Asia’s bond market.

Great Eastern Life Assurance this week became the first Asian insurance company outside Australia or Japan to sell a subordinated bond. The Singaporean borrower raised S$400m ($310.5m) in a deal that bankers hope will encourage regulators across Asia to let insurers turn to the debt markets to shore up their capital positions.

Chinese conglomerate Sinochem made its debut in the Hong Kong renminbi market this week, raising Rmb3.5bn ($530m) after approaching investors with a deal that gave it a big saving over where it could fund in China’s domestic bond market.

The Republic of the Philippines lived up to its reputation as a fast mover in Asia’s bond market this week when it once again became one of the first issuers to raise money at the start of a new year.

China continued to dominate discussion among DCM bankers at the start of 2011, after a breakthrough year in 2010 that included both the rise of the offshore renminbi market and the growing importance of Chinese property companies for the high-yield market.