China

Morgan Stanley returned to Singapore’s domestic bond market at the start of the week, raising S$300m ($233.9m) from an issue that saw it team up again with OCBC Bank.

Bank of Moscow (BOM) is planning to close its debut Singapore dollar deal before the end of the week, and has approached investors with price whispers of the low-to-mid-4% area. It is hoping to follow fellow Russian lender VTB Bank, which opened the market to Russian credits at the end of last year.

Evergrande Real Estate Group sold the biggest synthetic renminbi bond yet when it raised Rmb9.25bn ($1.4bn) in the fast-growing market last week. The company received around Rmb33bn of orders — showing the huge demand for those issuers willing to give investors exposure to the appreciation of China’s currency.

The Republic of the Philippines’ 25 year global peso bond plummeted in the secondary market this week. Investors dumped the paper after a fall in the currency and increasing fears over its long duration.

Chinese property company Shui On Land made its second trip to the synthetic renminbi bond market on Wednesday, getting more than Rmb17bn ($2.58bn) of orders for a deal that followed its market-opening issue at the end of last year.

Shui On Land is planning to return to the synthetic renminbi market on Wednesday after approaching investors with a deal that could be worth as much as Rmb3bn ($455.6m), the same amount it raised from a market-opening deal at the end of last year.

Hong Kong-based conglomerate Hutchison Whampoa is planning to list some of its ports in a deal that could be worth around $6bn, a record amount for the Singapore stock exchange.

The Republic of the Philippines’ most recent global peso bond has plummeted in the secondary market, after investors dumped their bonds in reaction to a fall in the currency — as well as increased skepticism among international investors about long maturity debt.

Evergrande Real Estate Group was planning to close a synthetic renminbi bond worth as much as $1.5bn as EuroWeek Asia went to press on Thursday. The deal will be by far the largest synthetic renminbi issue yet, and shows the speed at which the market has developed to become a key area of activity in Asia’s bond market.

Great Eastern Life Assurance this week became the first Asian insurance company outside Australia or Japan to sell a subordinated bond. The Singaporean borrower raised S$400m ($310.5m) in a deal that bankers hope will encourage regulators across Asia to let insurers turn to the debt markets to shore up their capital positions.