Asia Pacific

THe Republic of the Philippines is planning its first sale of government bonds to expatriate Filipino workers in a bid to ease the pressure of an appreciating peso on the money they send home.

Indofood, the world’s largest maker of potted instant noodles, plans to raise Rph1.5tr-Rph2tr ($159m-$212m) with a bond issue in March or April.

The Philippines is shifting the focus of its government borrowing further towards the local market in an effort to cool pressure on its currency, officials said in December.

THE PHILIPPINES is preparing to issue warrants linked to up to $6bn of peso denominated bonds in January, after the country’s central bank approved the issue last weekend.

FOREIGN governments may soon be able to issue renminbi bonds in China, according to comments reported last weekend from China’s finance minister Xie Xuren.

China’s finance ministry will sell Rmb750bn ($101bn) of 15 year bonds on Monday to complete the capitalisation of the country’s new sovereign investment agency, known as China Investment Corp. A smaller auction will be held later in the week.

THE CENTRAL American Bank for Economic Integration, the A-/BBB+ rated multilateral development bank, launched its first domestic Thai bond late last Friday (November 30), raising Bt2.374bn ($77m) in a deal arranged by Citigroup.

VIETNAM National Coal Mineral Industries Group (Vinacomin), Vietnam’s largest mining company, priced a D1.5tr ($95m) domestic bond late last Friday (November 30). The lead manager was Citigroup.

VIETNAM National Coal Mineral Industries Group, or Vinacomin, Vietnam’s largest mining company, is to press ahead with its debut dong bond despite rising yields that have derailed recent government debt sales in the country’s fledgling bond market.

General Electric Capital Corporation’s ¥87bn ($807m) three tranche Samurai, launched this week via Mitsubishi UFJ and Mizuho, was the first deal to use the new structure formulated to allow US issuers to access the Samurai market without fear of withholding tax.

OVERSEA-CHINESE Banking Corp, Singapore’s third biggest bank, completed a S$225m ($155m) lower tier two issue on Wednesday, raising slightly more than initially expected in a self-arranged deal.

BANCO de Oro-EPCI, the second largest bank in the Philippines, set a landmark in the country’s capital markets this week by issuing the largest bank capital security in Philippine pesos.