China

The recent market volatility and heightened risk aversion have forced Asian borrowers to hold back their dim sum bond plans.

Hong Kong-listed Asia Cement (China) Holdings raised Rmb586m ($91.7m) in the offshore renminbi market on Friday, pushing ahead with the deal despite a rout in global markets that encouraged other companies to scrap their funding plans.

Freeing up deposit interest rates in the country should benefit small and medium-sized enterprises but will take years to complete, argues sell-side research house Bernstein.

German household appliance company BSH Bosch und Siemens Hausgeräte raised Rmb2bn ($312.8m) in the offshore renminbi market this week, overcoming the tricky conditions in international funding markets by offering investors a defensive credit — and getting enough demand to add a seven year tranche during execution.

India is planning a vast array of stake sales in government-owned companies, but its decision to postpone a sale of stock in Oil and Natural Gas Corporation last week could hurt its chances of drumming up demand for future offers, said bankers.

US food company Yum! Brands closed its debut offshore renminbi bond on Monday, raising Rmb350m ($54.7m) from a deal that defied weak secondary trading in global bond markets.

Nissan Motor will hit the road this week to meet offshore renminbi bond investors, becoming only the latest foreign company to turn to dim sum investors for a high=profile source of funding.

Taiwan’s Advanced Semiconductor Engineering made its debut in the offshore renminbi bond market last week, selling a dual tranche deal that found a lot of demand from Taiwanese corporations — and capped a busy week in a market that has become a haven for battered bankers and investors.

Khazanah Nasional, the Malaysian state-owned investment fund, is set to become the first company to sell an Islamic bond denominated in offshore renminbi — merging a market that has failed to take off in Asia with one that has grown rapidly in the last year.

Korea Finance Corp (KoFC) made its debut in the Samurai bond market this week, avoiding the battered dollar bond market and turning to a more reliable investor base for funds.

US fast food company Yum Brands met investors this week ahead of a potential offshore renminbi bond, adding to a growing supply of foreign companies considering making their debuts in the market.