DBS

China Construction Bank’s Singapore branch sealed a Rmb1bn ($150m) dim sum transaction Thursday, putting an end to a one-month silence in the offshore renminbi (CNH) debt market.

HNA Group has sealed its return to the offshore debt market as yield-starved investors nudged the unrated issuer to open a new three year trade. While the order book is not big compared with other recently deals, the issuer was still able price tightly.

State Bank of India, which allocated its last loan in June, has launched a fresh financing into the market through five mandated lead arrangers and bookrunners.

Pricing on a $1.5bn borrowing for Indonesian state-owned oil company Pertamina has become a talking point among loans bankers. Some believe that the loan will not have an easy time in syndication as the cost of funds at Japanese and Taiwanese lenders creeps up, writes Shruti Chaturvedi.

Increased provisioning and DBS’ high exposure to Swiber has raised some questions about the bank’s handling of the problem and the overall quality of Singaporean lenders’ portfolios, considering their local market is heavily composed companies in cyclical sectors such as oil and gas.

China Construction Bank’s Singapore branch is set to price the first offshore renminbi (CNH) bond in over a month, after opening books for a two year trade.

A $725m loan for Indonesia Eximbank has been allocated, with lenders that committed only to the shorter, three year tranche, experiencing a bigger scaleback than those that opted for the five year.

Cement producer TCC International Holdings has decided to increase the size of its five year fundraising to $540m from $450m, exercising the full greenshoe.

Indonesia’s Pertamina is expected to launch its long awaited $1.5bn five year financing into general syndication this week, punctuating a quiet period for the southeast Asian loan market.

Louis Dreyfus Commodities Asia has wrapped up a $600m revolver after overwhelming demand allowed it to allocate the full greenshoe to banks, raising the total amount by $100m.

DBS Group's profits stumbled during the second quarter of 2016 as the bank had to put provisions aside to deal with potential effects from its exposure to troubled energy services firm Swiber Group.

DBS’ head of treasury and markets says there is room for the renminbi to appreciate in the short term. While the longer-term trend is for the currency to fall, the bank’s forecast for USD/CNY remains more upbeat than the market consensus.