China

Standard Chartered says the lower tier two it issued in Singapore dollars on Thursday is just part of business as usual for the growing institution.

The dim sum bond market came back to life this week after a three week hiatus. China National Petroleum Corp (CNPC) closed the most eye-catching deal, raising Rmb3bn ($469.9m) from a dual-tranche offer.

The Shanghai-listed iron and steel producer is set to be the first onshore entity to sell dim sum bonds in Hong Kong, further boosting its role as an offshore renminbi centre.

The growth of the country’s banker acceptance (BA) bills decelerated sharply in the last three months, representing a 5% quarter-on-quarter decline.

Standard and Poor’s believes the dim sum bond market will likely to accelerate rapid growth thanks to the fast-growing accumulation of offshore renminbi deposits.

Funding officials from China National Petroleum Corp (CNPC) will meet investors in Hong Kong and Singapore on Tuesday, pitching an offshore renminbi bond that could close before the end of the week.

Malaysian state-owned investment company Khazanah Nasional became the first borrower to sell an Islamic bond in the offshore renminbi market last week, raising Rmb500m ($73.4m) from a deal the company postponed only a month before.

Malaysian state-owned investment company Khazanah Nasional was planning to close a Rmb300m-Rmb500m Islamic bond as EuroWeek Asia went to press. It had relaunched the deal after turning its back on the market last month. It was the first time any company had attempted to sell a sukuk in the offshore renminbi market.

Lloyds TSB made its debut in the offshore renminbi market this week, selling a Rmb105m ($16.4m) two year deal.