China
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Toyota Leasing (Thailand), sold a Bt3bn ($89m) one and two year deal yesterday (Thursday), taking advantage of investor demand for higher credits but Minor International, a Thai hotel and leisure company, cancelled a planned B10bn ($297m) bond issue.
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The clampdown on medium term note issuance in the Chinese domestic market is the result of a "turf war" between overlapping regulators, a senior financial lawyer in Shanghai told EuroWeek yesterday (Thursday).
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Thailand’s finance ministry on Tuesday released a list of issuers allowed to sell bonds in the domestic market over the next six months, paving the way for 15 international borrowers to tap the fast-growing Thai baht market but closing the door on 27 more that had also applied.
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The Chinese government eased the rules on foreign banks selling yuan denominated bonds in the domestic market this week — but only after ordering a halt to any further issuance from medium term note programmes.
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The National Agricultural Cooperative Federation of Korea (NACF) sold a dual tranche M$300m ($92m) bond this week, continuing the trend of Korean issuers turning to the Malaysian ringgit market for cheap funding.
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Xinhu Zhongbao, the Chinese property company, sold a Rmb1.4bn ($204m) eight year puttable bond.
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State backed European agencies Svensk Exportkredit and Agence Française de Développement provided some foreign spice to a big dish of Thai bonds this week, with a handful of domestic borrowers also printing deals and other issuers gearing up to sell debt in the market.