Asia Pacific

Xinhu Zhongbao, the Chinese property company, sold a Rmb1.4bn ($204m) eight year puttable bond.

State backed European agencies Svensk Exportkredit and Agence Française de Développement provided some foreign spice to a big dish of Thai bonds this week, with a handful of domestic borrowers also printing deals and other issuers gearing up to sell debt in the market.

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Malayan Banking (Maybank) postponed an ambitious M$7.5bn ($2.3bn) hybrid tier one note issue this week, highlighting the challenge of launching a new product in a market rocked by political uncertainty and rising inflation.

Shandong Lunen Group, the Chinese electricity company, raised Rmb600m ($87m) in a project financing this week, selling a 15 year deal paying 6.20%. Citic Securities was the lead manager, while Yongda International Trust and Investment was a co-manager.

Vietnam’s Ministry of Finance is considering government intervention to prop up domestic bonds after a collapse in prices that has left the market in tatters.

Deutsche Bank made its debut in the Thai baht bond market this week, taking advantage of favourable swaps to sell a Bt4.6bn ($138m) three year deal. Deutsche’s first baht deal proves that Asia’s local markets remain viable alternative sources of funding for some of the world’s biggest borrowers.

PetroChina, Asia’s largest oil company, is planning to issue bonds in the domestic market worth up to Rmb60bn ($8.66bn), said the company this week in a filing.