Asia Pacific

The deputy governor of China’s central bank believes the country is punching below its weight on renminbi internationalisation, the Chinese banking watchdog stresses the need to prevent risk, and China Citic Bank International projects strong demand for cross-border RMB transactions in the first quarter.

In the latest Clawback, columnist Philippe Espinasse puts the Singapore Exchange's proposal on quarterly reporting by companies under the microscope.

Bank of Gansu Co has raised HK$5.9bn ($756.4m) after pricing its IPO at the midpoint of guidance, according to a banker on the deal.

Power Construction Corporation of China (PowerChina) and Yingde Gases Group Co each sold a $500m bond on Thursday, taking advantage of a receptive market.

Chinese internet company Tencent Holdings added an impressive $5bn to its coffers on Thursday from its first international bond since 2015. While pricing looked fair, what surprised the leads was the strong participation from US investors.

Thailand’s Osotspa is planning a flotation of up to $400m on the domestic bourse this year, said bankers working on the trade.

The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.

A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.

Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

India’s Yes Bank is extending a fundraising spree that began last year, and is back in the overseas loan market for the third time since August 2017.

The Chinese government contemplates RMB-denominated IPOs for mainland companies fundraising for Belt and Road projects, foreign ownership of Chinese bonds goes up in December, and premier Li Keqiang indicates the economy grew by 6.9% in 2017.