China

Industrial Bank Co has thrown open books for a dual-tranche dollar offering following a series of fixed income investor meetings at the start of the month.

Silk Road bonds (SRBs) could boost the popularity of the renminbi as well as address emerging markets infrastructure shortages, according to panelists at a forum by credit agency Dagong and the International Capital Markets Association (ICMA). But giving the instruments the proper policy support will be key to their success.

Silk Road bonds are one of the latest gimmicks bankers are trying to promote with an event dedicated to the topic taking place in Hong Kong last week. While the concept of the bonds, linked directly to China’s ambitious Belt and Road initiative, is promising, proper guidelines need to be in place for the product to take off.

State-owned oil giant China National Offshore Oil Corp is talking to banks for a $1bn refinancing linked to its Australian investments.

Powerlong Real Estate Holdings made a bold move coming to the market on the last day of a frantic week in Asia's debt capital markets. But it found its deal 2.7x covered and got away with tight pricing.

In one of the busiest days recently for Asian debt capital markets, investors gobbled up $2.2bn worth of issuance on Thursday — all from Chinese names.

China National Chemical Corp’s $12.7bn acquisition loan for Syngenta drew commitments from some 17 lenders, with the deal closing well oversubscribed, said bankers close to the matter.

ICBC (Singapore) and Haikou Meilan International Airport sold well-digested dim sum bonds on Thursday, managing to find decent demand despite a challenging funding environment.

Yestar International Holdings Company was the only corporate in the Asian debt market on Thursday, enticing investors for its maiden dollar offering. The issuer bagged $200m from its five non call three, opting to raise a conservative amount with its debut.

In this round-up, Stock Connect southbound flows pick up considerably, the Australian Securities Exchange (ASX) introduces an expanded RMB clearing and depository facility, and RMB clearing in Hong Kong increases in August. Plus, a recap of our coverage this week.

Renminbi foreign exchange markets were thrust back into the spotlight this week after the offshore renminbi interbank rate jumped. Analysts believe that People Bank of China's (PBoC) interventions are the driver for the third spike in CNH Hibor this year.

Asian primary bond market calmed down after a frantic Thursday, with only two issuers opening books