Asia Pacific

The Republic of the Philippines looked set to launch a highly anticipated global peso bond on Thursday, approaching investors with price guidance for a benchmark deal that could set a trend for other borrowers in Asia.

A parade of top quality European banks are set to issue in the Samurai market, led by Barclays Bank which priced a deal yesterday (Thursday) and HSBC which prices one today. Credit Suisse and BNP Paribas have also announced mandates, and Deutsche Bank was rumoured to be considering a deal.

The Republic of the Philippines is planning a return to the international bond market on two fronts.

Deutsche Bank placed its first Hong Kong renminbi debt issue on Thursday, finding demand for a certificate of deposit from China Development Bank worth Rmb500m ($73.4m) and pushing its way into a market that bankers and analysts expect to grow strongly over the next few years.

Singaporean shipping company Neptune Orient Lines returned to its domestic bond market after a nine year lay-off last Friday, raising S$260m ($192.1m) at the end of a busy week for debt bankers in the country.

State-owned Malaysia Airports got a big response to its debut domestic bond at the end of last week, attracting M$10bn ($3.18bn) of orders only days before Abu Dhabi Commercial Bank came to the market with its own deal.

Westpac Banking Corp was sounding out investors ahead of a ¥50bn ($591m) Samurai bond this week, firming up guidance for a deal that bankers say could lead to a spate of foreign bank issuance in the Japanese market.

McDonald’s Corp raised Rmb200m ($29.45m) in Hong Kong’s renminbi bond market this week, kicking off an expected fresh supply of issuance and becoming the first foreign company to access the market.

PCCW raised $500m in the international bond market on Thursday, getting strong demand for a deal that defied bankers’ expectations of a quiet week for Asian bond investors.