China
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Bank of East Asia made its debut in Singapore’s local bond market this week, boosting its capital levels with a lower tier two issue — and achieving a big saving over what it would have paid in the dollar market.
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Favourable environment conditions as well as regulation help combined on and offshore renminbi issuance reach US$10.5 billion in 2012. -
Dubai bank Emirates NBD opened the dim sum market to Middle Eastern borrowers this week, setting a benchmark for other potential issuers from the region. But some syndicate officials are sceptical there will be a big spike in dim sum issuance from the Middle East.
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Energy and transport company Alstom became only the second ever issuer from France to tap the increasingly diverse offshore renminbi bond market, raising Rmb500m ($79.4m) late last week.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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Japanese conglomerate Mitsui & Co has raised Rmb500m ($79.4m) from its first foray into the dim sum debt market, keeping up the steady supply of longer dated offshore renminbi bonds. But the issuer paid more on its five year notes than lower rated Baosteel Group.
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Dim sum bond issuance will pick up in the next few months, bucking a perceived slow start to the year — and the market could end 2012 with volumes around 50% higher than the year before, said Mason Wu, a fund manager at Prudence Investment Management.
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A flurry of activity in Hong Kong’s dim sum bond market suggests that conditions are ripe for borrowers after a sluggish end of 2011 – and now is the perfect time for new issuers to take the plunge.
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Genting Singapore is expected to sell Singapore dollar perpetual bonds after meeting investors this week, following successful deals from Singapore Post and Olam International that raised a combined S$625m ($498m) late last week.
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Japanese conglomerate Mitsui & Co Ltd kept up the steady supply of longer-dated offshore renminbi bonds last week, raising Rmb500m ($79.4m) from its first foray into the dim sum debt market. But the issuer paid more on its five year notes than lower rated Baosteel Group.
