China

Hyundai Capital Services, the Korean car financing firm, retested the Malaysian ringgit market this week, selling a M$650m ($206m) three year issue less than a month after declaring that a previous deal was cancelled because of volatility in cross-currency swap rates.

Indonesia’s finance ministry sold Rph1tr ($108m) of one year treasury bills on Tuesday, raising less than expected after it cancelled a zero coupon bond issue.

The Asian Development Bank has warned that the growth of East Asia’s local currency bond markets could slow this year as a result of the global credit crisis and rising inflation.

Tata Steel received a local triple-A rating from Fitch yesterday (Thursday) for its proposed non-convertible bonds worth up to Rs7.5bn ($188m).

Export Import Bank of Korea, the South Korean policy bank, remains in the market with a three and five year bond via Daiwa SMBC, Nikko Citi and Nomura.

Kookmin Bank priced its debut Samurai yesterday (Thursday), selling two year bonds worth a total of ¥24.4bn ($241m) and ending a drawn-out process that began as long ago as January.

Commonwealth Bank of Australia became the latest Australian issuer to break records in Japan’s Samurai bond market this week, with a combined institutional and retail issuance worth an impressive ¥147bn ($1.44bn).

Industrial Bank of Korea sold two more tranches of ringgit bonds either side of last weekend, bringing the total raised through its Malaysian debut to M$1bn ($313m).