China

Gemdale (Asia) Investment launched a three year dim sum bond on Wednesday to refinance its existing bonds after management change at the company triggered a change of control put. Negative headwinds from China rather than the trigger meant that demand for the bond was weaker, according to bankers on the deal.

Bank of China (Singapore) priced the year’s first offshore renminbi bond aimed at Singapore on February 25. It amassed a huge orderbook as investors took advantage of a rare opportunity to buy into a five year investment grade dim sum bond.

The reality that China’s currency can go down as well as up was rammed home to investors last week as a correction in both the onshore and offshore markets caused a stir in the market, writes Carrie Hong.

The bank has announced a new treasury platform for its client’s Free Trade Zone-based subsidiary. Paolo Danese reports.

Gemdale (Asia) Investment launched a three year Dim Sum bond on Wednesday to refinance its existing bonds after an ownership change at the company triggered a change of control put. Bankers on the deal argued about whether perceptions of weak demand were down to negative economic headwinds from China rather than the CoC, however.

BP Capital Markets priced its latest dim sum bond on Monday though was forced to offer an generous guidance over its existing curve to stand out in what is a very busy market. However investors still flocked to take advantage of the attractive pricing and a quality multinational credit with the orderbook closing at Rmb3.6bn ($571m).

Gemdale (Asia) Investment is out with guidance for a new dim sum bond and joins the raft of Chinese property names to have already hit the market this year.

Dim sum regular Caterpillar opted to price its latest dim sum deal wider than other recent bonds from multinational corporates on Monday night, with a view to shoring up demand for future issues.

Bank of China (Singapore) has launched price guidance for a dual tranche offshore renminbi bond on Tuesday, in what will be the first deal this year specifically targeting Singapore investors.

Agile Property Holdings' debut offshore renminbi bond put in a strong performance, with an order book of more than Rmb5bn ($820m), despite investors in the dim sum market becoming more discerning. The borrower also managed to save 125bp compared to its dollar funding levels.

Caterpillar is cementing its position as one of the most frequent issuers in the dim sum market, launching price guidance for a seventh deal on Monday.

BP Capital Markets has announced guidance on a five year offshore renminbi transaction, returning to the dim sum market for the third time since its first bond in 2011.