China

Renminbi lending has expanded by over seven times to Rmb15 billion for the first nine months of 2011. Credit Suisse expects this to balloon further in Hong Kong, utilizing the over Rmb600 billion deposits in the banking system.

ICBC (Asia) is hitting the headlines with plans to issue the first Basel III compliant debt issued from a Hong Kong bank and the first subordinated debt to come from the City’s offshore renminbi market.

Bank of East Asia, Sun Hung Kai Properties and Korea Development Bank approached investors with international bonds this week, delivering — in some style — proof that the market is fully open for good credits.

China’s Dalian Port (PDA) raised Rmb400m ($62.9m) in the offshore renminbi market this week, getting less than it had originally hoped for after lacklustre demand during execution.

ICBC Asia, an offshore arm of Industrial Commercial Bank of China, looks set to be the first bank to sell subordinated debt in the offshore renminbi bond market and is already pitching investors on a deal that could be launched next week.

A set of recent dim sum bond breakthroughs has encouraged several Chinese firms to tap the dim sum debt market in order to fund their acquisition plans.

Beijing’s first step in allowing four local authorities to issue bonds is not only beneficial for those seeking direct access to capital market funding, but for the central government as well.

Debt bankers working in the offshore renminbi market are hoping to launch a number of deals over the next few weeks, capitalising on the success of China National Oil Petroleum’s Rmb3bn ($470m) financing last week.

Bankers in the Singapore dollar bond market enjoyed a flurry of activity this week, with issues from Wharf and Cheung Kong (Holdings) — and a lower tier two deal from Standard Chartered.