Asia Pacific

Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.

Temasek Holdings made a splash in the block market this week, raising W1.07tr ($1bn) with a pair of overnight trades in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare — an approach that was in line with the Singapore sovereign wealth fund’s strategy to rebalance its portfolio. Jonathan Breen reports.

Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.

Chinese outlet mall trust Sasseur Reit has kicked off a fixed price bookbuilding for its S$396m ($301.3m) Singapore IPO, placing nearly half the deal with cornerstone investors.

China National Chemical Corp (ChemChina) enlisted the help of eighteen lead managers to sell a six tranche dual currency on Wednesday. The company initially announced five dollar and euro tranches with tenors ranging from three years to 10 years, before adding a 30 year tranche.

Oversea-Chinese Banking Corp issued a five year sterling floating rate bond on Wednesday but was unable to match the size or spread of United Overseas Bank, which recently issued the first Singaporean covered bond in sterling.

New Zealand financial Kiwibank is holding non-deal roadshows in Switzerlandahead of what could be its first bond issue in Swiss francs since 2014.

Singapore sovereign wealth fund Temasek Holdings has raised W1.07tr ($1bn) after offloading stock in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare in a pair of overnight block sales.

State Bank of India’s latest $750m loan is set to move into the retail phase within the next couple of weeks, according to bankers.

Power Construction Corporation of China (PowerChina) sealed a two times covered senior perpetual bond on Tuesday, despite overall weak sentiment for such notes in a rising rate environment.

China Minsheng Banking Corp’s Hong Kong branch has raised $1bn from a dual-tranche transaction. While the fixed rate portion was supported by Mainland banks, demand for the floating rate note (FRN) was yet another testimony of the market’s deep interest in the format.

China Foreign Exchange Trade System (CFETS) has added the central limit order book and executable streaming price features to the onshore interbank FX market — a move which helps close the gap in FX trading technology between China and the international markets.