China
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DBS issued a rare Singapore dollar bank capital deal this week, selling S$1.7bn ($1.31bn) of tier one preferred shares to refinance a deal set to mature next year.
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Asian Development Bank, one of the few foreign issuers to be allowed into China’s domestic bond market, is eyeing the second step in its plan to appeal to renminbi bond investors — selling a Hong Kong deal that will push the maturity of the offshore renminbi market out to 10 years.
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Macau’s central bank has given permission to the local unit of Industrial Commercial Bank of China (ICBC) to sell bonds denominated in Macanese pataca — and heralded the subsidiary’s Hong Kong dollar bond last week as a big step in the development of Macau’s financial system.
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The Republic of the Philippines looked set to launch a highly anticipated global peso bond on Thursday, approaching investors with price guidance for a benchmark deal that could set a trend for other borrowers in Asia.
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A parade of top quality European banks are set to issue in the Samurai market, led by Barclays Bank which priced a deal yesterday (Thursday) and HSBC which prices one today. Credit Suisse and BNP Paribas have also announced mandates, and Deutsche Bank was rumoured to be considering a deal.
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The Republic of the Philippines is planning a return to the international bond market on two fronts.
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Deutsche Bank placed its first Hong Kong renminbi debt issue on Thursday, finding demand for a certificate of deposit from China Development Bank worth Rmb500m ($73.4m) and pushing its way into a market that bankers and analysts expect to grow strongly over the next few years.