Asia Pacific
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Bank of Communications is to become the fourth issuer to sell renminbi-denominated bonds in Hong Kong, after opening the retail offering of a Rmb3bn ($440m) deal this week.
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Toyota Leasing (Thailand), sold a Bt3bn ($89m) one and two year deal yesterday (Thursday), taking advantage of investor demand for higher credits but Minor International, a Thai hotel and leisure company, cancelled a planned B10bn ($297m) bond issue.
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The clampdown on medium term note issuance in the Chinese domestic market is the result of a "turf war" between overlapping regulators, a senior financial lawyer in Shanghai told EuroWeek yesterday (Thursday).
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Thailand’s finance ministry on Tuesday released a list of issuers allowed to sell bonds in the domestic market over the next six months, paving the way for 15 international borrowers to tap the fast-growing Thai baht market but closing the door on 27 more that had also applied.
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The Chinese government eased the rules on foreign banks selling yuan denominated bonds in the domestic market this week — but only after ordering a halt to any further issuance from medium term note programmes.
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The 12th Central European Covered Bond Conference took place last week, but while the event returned to Warsaw for the third time, it focused on several issues that have only recently come to the fore. The Cover discussed the highlights of the event with Otmar Stöcker, managing director of the Association of German Pfandbrief Banks, co-host of the conference with Poland’s Mortgage Credit Foundation, which initiated the conference series.
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The National Agricultural Cooperative Federation of Korea (NACF) sold a dual tranche M$300m ($92m) bond this week, continuing the trend of Korean issuers turning to the Malaysian ringgit market for cheap funding.