China
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Tunisia overcame the dire conditions in the financial markets to price its seventh Samurai deal but its first issue in yen since 2001 on Wednesday. The ¥30bn 20 year issue was its first international bond issue since 2005.
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Easy Buy, the Thai consumer finance company, launched a Bt3.255bn ($110m) three and five year bond yesterday (Thursday), again emphasising the disconnection between Asia’s local currency bond markets and the global credit environment.
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KfW, the German development agency, launched its Bt3bn ($100m) three year deal last Friday (July 27) marking a successful conclusion to a process that took the best part of 18 months.
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Bangkok Expressway, Thailand’s top tollway firm, has set coupon rates for its Bt3bn five year and Bt1.5bn seven year bonds due to be sold next week. The company has said the issue will be increased by Bt2.5bn if demand is strong.
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The yen market remains a fertile ground for issuers seeking alternative funding sources, as the yen basis swap, despite a small blip in the past week, continues to improve, offering international borrowers attractive arbitrage opportunities.
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Fortescue Metals, the start-up iron miner in Western Australia, issued A$504m ($442m) of new stock this week, while blue chip CFS Retail Property Trust sold a A$600m convertible bond.
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Japan Tobacco sold ¥150bn ($1.2bn) of public bonds in the domestic market on Wednesday, extending the maturity of the debt backing its record acquisition of UK-listed Gallaher in April.
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Thai authorities have cleared the way for a Bt4bn ($133m) bond planned by Kreditanstalt für Wiederaufbau, the German development agency, after the deal was held up earlier this month by a lack of regulatory approval.
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