China
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China Development Bank priced China’s first local currency offshore bond on Tuesday in Hong Kong, in the first sign that the People’s Republic is beginning to open up its domestic bond market.
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Kreditanstalt für Wiederaufbau, the German development agency, launched its first rupiah-denominated bond on Monday, in a week when it had also been expected to price its first baht bond.
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Bemax Resources, the Australian listed mining company, proved the market for new issues in the high yield sector remained open this week with a $175m seven year deal arranged by Morgan Stanley.
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China Development Bank, the state-owned policy lender, began marketing the first Chinese currency bond outside mainland China this week, in a deal that marks an important step towards full currency convertibility.
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Hong Kong’s Hang Seng Bank bucked the trend in the Asian markets this week, becoming the only financial high grade issuer from the region to launch a dollar deal in a market rocked by rising volatility.
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Khan Bank, Mongolia’s second largest lender, this week placed a small tugrik bond with foreign investors, giving offshore buyers only their second chance to invest in Mongolia’s fledgling bond market.
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Two Asian companies postponed new bond issues this week, as investors’ appetite for risk was cooled by concerns over the US subprime mortgage market and interest rates.
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Central Proteinaprima, the Indonesian shrimp producer and processor, raised $325m of five year debt last night (Thursday) in a deal that marked a successful debut in the Indonesian high yield market for both the issuer and its arranging bank.