China
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CHINA is set to auction Rmb30bn ($4bn) of so-called special bonds today (Friday), as part of its fundraising for the new agency that will be charged with investing the country’s foreign exchange reserves.
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RHB Bank, Malaysia’s fourth-biggest lender, announced its expected M$2bn ($600m) subordinated debt issue on Wednesday via ABN Amro, Citigroup and RHB.
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The Malaysian subsidiary of Tesco, the UK supermarket retailer, is planning a M$3.5bn ($1.04bn) local funding programme that will include both conventional and Islamic debt.
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THE PHILIPPINES government will reduce its overseas borrowing and instead increase domestic debt issues next year in a move that further confirms that the Asian bond market’s favourite regular borrower — and for many years the only sovereign credit in the region — may be moving into more elevated self-sufficient financing circles.
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Huaneng Power International this week announced it was proceeding with plans for a Rmb5bn ($665m) corporate bond issue, becoming the latest listed Chinese company to win approval for a bond issue under the new regulatory regime.
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MISC, the Malaysian shipping company with the world’s largest fleet of liquid natural gas carriers, has turned to the local market after cancelling a dollar bond in late June.
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Yangtze Power, one of the operators of China’s hydroelectric Three Gorges Dam project, has received approval from the China Securities Regulatory Commission to sell up to Rmb4bn ($530m) of bonds.
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The Republic of Indonesia sold almost $1bn of rupiah-denominated retail bonds on Monday, repeating the success of its two earlier retail issues as it continues to expand its investor base.
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China’s Ministry of Finance is to begin selling Rmb200bn ($27bn) of special bonds on the interbank market next week as it continues to raise initial funding for a new state investment agency and drain excess liquidity from the Chinese market.
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Bank of China began marketing its first renminbi-denominated bond in Hong Kong yesterday (Thursday), aiming to raise Rmb3bn ($400m) of two and three year debt.