China

Kexim is planning its second dim sum bond issue for this year in the fourth quarter, as renminbi swap rates made it cheaper for the bank to obtain US dollars through these bonds.

Gemdale International Holding offered a rare dim sum bond from a mainland developer last week, closing a Rmb1.2bn ($188.2m) deal that some investors expect to trade heavily up in the secondary market.

Increasing numbers of local government-backed Chinese SOEs are expected to tap the dim sum market as funding conditions tighten onshore.

Top 3 Offshore RMB DCM Transactions - 2012 YTD

Australian property developer Lend Lease Finance has become the first corporation from the country to sell a Singapore dollar-denominated deal in more than a decade.

Ascendas Hospitality Trust reduced the size of its Singapore IPO on Wednesday, despite pricing the deal late last week. The real estate trust raised S$384.84m ($304m) after removing a Korean hotel from the portfolio at the last minute.

Bank of China returned to the offshore renminbi bond market after nearly two years of absence on Monday, finding around two times the demand needed to close a Rmb1bn ($157m) deal.

China Fishery Group plans to tap the international bond market after holding a global roadshow this week, opening Asia’s high yield market after two months without a single deal.

China’s Ministry of Finance closed the books to the retail portion of its latest offshore renminbi bond at the end of last week, getting around Rmb17.48bn of demand for the Rmb5.5bn ($862m) offer.

Libor was used for 30 years before the recent scandal brought it into question. CNH Hibor has got off to a less auspicious start and has fewer options to bring about an improvement.