China

Singaporean water management provider Hyflux priced an oversubscribed S$100m ($82.1m) bond last week, turning to private banks to help close the deal as investors in other markets stuck to the sidelines.

China Shanshui Cement priced a Rmb1.5bn ($232.4m) CNH bond last Friday, in a rare example of good news from the Chinese credit space. The deal completed during a week of postponed and cancelled deals, as three other dim sum deals were pulled.

The third-largest Australian metal mining group is planning to tap the burgeoning offshore renminbi bond market in Hong Kong. If it does it will become the first Aussie issuer to print renminbi-denominated bonds in the former British colony.

Several mainland lenders are stepping up to bolster their war chests in anticipation that Beijing will raise capital requirements. China Merchants Bank has just issued new shares, but other mainland lenders look more likely to issue offshore bonds.

German lender Deutsche Bank has launched the first tradable offshore renminbi bonds index this week. It hopes the product will spur greater secondary market trading in the new asset class.

Singaporean water management provider Hyflux priced an oversubscribed S$100m ($82.1m) bond on Thursday, turning to private banks to help close a deal while investors in other markets stuck to the sidelines.

Gazprombank is planning to place a $500m-$1bn three to five year Eurobond later this year, said a member of the bank’s board.

The country’s foreign exchange reserves, which are already the biggest in the world, grew to a record of US$3.2 trillion at the end of June thanks to growing foreign investments, the country’s central bank said.

The Chinese cement company is planning to tap the offshore renminbi bond markets for the first time after raising US$400 million via dollar bonds in May. It has appointed four banks to arrange investor meetings in Asia this week.