China

Delhi International Airport Private (Dial) is planning a comeback to the international debt market almost two years after its maiden offering, and is deciding between a dollar deal and a Masala bond.

A handful of issuers decided to turn to the bond market on Tuesday, looking for a crucial window just one day before the US Federal Reserve makes its decision on the trajectory of interest rates.

China is stockpiling gold as an alternate way to support the internationalisation of the renminbi, according to the findings of a China International Capital Corp (CICC) research report last week.

Veolia Environnement priced its debut Panda bond on September 1, becoming the first French issuer to tap the onshore Chinese market. The firm was also one of the first corporates to be allowed to repatriate funds out of China despite ongoing capital controls, its treasurer told GlobalRMB.

Jiangsu Fang Yang Group is set to become the latest Chinese local government financing vehicle to issue a dollar-denominated bond, picking banks to arrange the offering.

Three Hong Kong real estate investment trusts are tapping the loan market for funds, with DBS launching two new deals and Hang Seng Bank wrapping up a third transaction, bankers said.

In this round-up, China is keen to expand FTZ sphere, yield differential continues to narrow between offshore and onshore bonds, and London reiterates desire to promote RMB internationalisation. Plus, a recap of our coverage this week.

China Construction Bank (CCB) is set to become the fourth Chinese lender to securitize nonperforming loans (NPLs) with a Rmb702m ($105m) offering scheduled to launch on September 20.

Taiwanese electronics company Foxconn (Far East) has set its sights on a dual-tranche dollar offering, launching the bond on Wednesday morning in Asia.

China’s Industrial Bank took advantage of a quiet primary market on Tuesday, bagging $1bn from a dual trancher. Given the softer tone this week, the issuer went out with realistic expectations on pricing, which was key to the transaction’s success, according to bankers.

It has been 10 months since Malaysia received its renminbi qualified institutional investor (RQFII) allotment from China yet not a single institution from the southeast Asian country has been able to attain a licence. However, the lack of progress is about to end with several market participants telling GlobalRMB they are confident the first RQFII licence could be awarded by the end of the year.

Chinese healthcare and education names are flocking towards Hong Kong for IPOs, with the most recent filings coming from New Century Healthcare Holding Co and China Yuhua Education Corp.