China
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Bank for Investment and Development of Vietnam, or BIDV, has mandated Deutsche Bank to arrange a dong denominated local currency bond that is set to be launched next week.
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State Bank of India, the state owned lender and the country’s largest bank, shrugged off another difficult week for Indian credits to print its second hybrid tier one bond of the year, with a $225m deal arranged by Citigroup and JP Morgan.
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Asian issuers launched two rare and successful deals in the Samurai bond market this week, illustrating the continuing appeal of the structure as frequent issuers look to diversify their currency exposure.
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BW Group, the HongKong-Norwegian shipping company, launched its debut dollar bond in New York hours yesterday (Thursday), raising $500m in a smoothly executed 10 year trade.
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Perusahaan Listrik Negara, the Indonesian state owned electricity distribution and transmission utility, launched its second international bond in New York hours yesterday (Thursday), selling $1bn of 10 and 30 year notes via sole lead manager UBS.
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Asian issuers this week appeared unconcerned by the spectre of rising US Treasury yields, as two more borrowers announced large deals.
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A remarkable flowering of yen bonds this week dazzled high grade bond specialists, and was even enough to take their minds off the extreme volatility in the US Treasury market that derailed dollar bond issuance at the end of last week and kept battering investors and issuers all week.
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Standard & Poor’s said this week that it is evaluating the effect that Malaysia’s recent hike in government employee salaries will have on the sovereign’s fiscal position.
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Silterra Capital — a vehicle for the Malaysian semiconductor wafer foundry that is a subsidiary of Khazanah, the ministry of finance’s investment arm — launched a benchmark M$1.8bn ($527m) seven year sukuk bond last Friday.
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HSBC and Standard Chartered Bank this week said they had completed the first interbank interest rate swap in Vietnamese doing, with a five year deal.