China

The Central American Bank for Economic Integration (Cabei) returned to Taiwan’s Formosa bond market on March 12 with an Rmb800m ($127.5m) three year offering priced at 4.75%. The trade was the development bank's second Formosa, and it remains the only Latin American issuer.

IL&FS Transportation Networks is preparing to make another venture into the offshore renminbi debt market, with the Indian issuer opting for CNH in a bid to woo investors already familiar its story.

Yuanta Bank has added one more deal to this year’s red hot Formosa bond market by pricing a three year at 4.60% on March 12, two bankers close to the deal have told GlobalRMB. The final size was Rmb250m ($40m) and the issuer is considering another visit, depending on market conditions, said one of the bankers.

International Finance Corporation has tapped a renminbi line to over Rmb3bn ($478.8m) as moves in the dollar/renminbi cross currency basis swap drove a burst of demand from Asian investors.

The stars aligned in the offshore renminbi market this week as moves in the cross currency basis swap with dollars drove a burst of demand in the medium term note format, with banks on the receiving end happy to print.

Hutchison Port, Central American Bank for Economic Integration and ICBCIL opened books for their respective bonds on Thursday, March 12, in what is looking to be a busy end of the week for the Asian debt capital markets.

Five months after South Korea saw its first locally issued and listed renminbi-denominated bond, HNA Group (International) Company (HNA International) has become the first corporate issuer in that market.

KfW, the German state development bank, returned to the offshore renminbi (CNH) market on Tuesday. Investors jumped in, enticed by the strong credit, allowing the borrower to increase the size of the deal.

Market participants have welcomed reported indications by Yi Gang of the People's Bank of China (PBoC) that China’s Cross-border Inter-bank Payment System (CIPS) is set to be launched this year. They see it as a key step to facilitating RMB usage in global payments and making RMB clearing more market-driven.

Average CNH bond yields have risen almost 60bp over the last three months and the renminbi has depreciated against the dollar by 2% over the same period. But HSBC analysts say in their latest report tracking the market that a meaningful recovery in dim sum bonds will only happen once the currency has finally hit its short term trough.

Gazprombank, the third largest bank in Russia by assets, is considering issuing a Panda bond, GlobalRMB understands. It would be the first ever Panda bond from a financial institution if it were to emerge, but continuing sanctions against Russia could cause difficulties.

China's National People’s Congress (NPC) meeting finished on Friday, at the end of a week that saw premier Li Keqiang scale back GDP growth targets, annonunce a plan to trial a Shenzhen Stock Connect link and expand the use of free trade zones.