Asia Pacific

Barclays returned to the Australian dollar market this week for its second Kangaroo, placing a triple tranche trade that was four times covered. The demand for Kangaroo paper could see more issuers follow Barclays, according to one DCM banker.

China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.

Investors swarmed Philippine National Bank’s (PNB) $750m bond sale, as they sought out diversity in a market overrun with Chinese paper.

Maybank completed its second Rmb2bn ($291.5m) Belt and Road Panda trade on Thursday, pricing both tranches at the bottom of the price range.

In this round-up, China’s holdings of US treasuries reached the lowest level in two years, the Ministry of Commerce (MoC) promised to unveil foreign investment negative lists in 10 days, and Bank of China (UK) can now provide clearing services in London.

SriLankan Airlines made a triumphant return to the dollar market on Thursday, pricing a $175m bond on the back of a $1bn order book.

Hong Kong financial institution AMTD International is seeking to raise up to $200m through a US float.

Malaysia’s utilities and infrastructure company Malakoff Corp has launched a A$140m ($96.8m) refinancing loan into general syndication.

Singapore-listed Cromwell European Real Estate Investment Trust (Reit) is planning to raise up to €102.17m ($115.3m) through an equity placement to fund the purchase of six properties in France and Poland.

Indian Railway Finance Corp has returned to the Samurai loan market for a $300m-equivalent deal.

In this round-up, US president Donald Trump and Chinese president Xi Jinping agreed to meet this month, the first active exchange-traded fund listed on the Hong Kong Stock Exchange (HKEX) and the volume of outstanding local government bonds rose again in May.

Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.