Greater China

Kookmin Bank became the first commercial lender from South Korea to sell a dollar bond into Taiwan last week, to a rousing reception from investors. The Formosa dollar debt market has remained largely untapped by Asian borrowers this year — but it is a fundraising avenue worth considering.

China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market.

Sinochem Hongrun Petrochemical, a crude oil refiner affiliated to Sinochem Group, has increased ts debut international borrowing to $270m from $110m.

ABN Amro is welcoming back one of its own to head up the financial institutions group in Asia.

Melco Resorts Finance on Thursday sold a tightly priced eight year non call three bond to refinance its outstanding 2021s, with its deal over 2x subscribed.

A new formula to determine the daily renminbi fix could be a prelude to more exchange rate policy reform from China, said HSBC.

Banks are beginning to grapple with the implications of funding the One Belt One Road (OBOR) project following the Belt and Road Forum for International Cooperation this month. While the initiative will likely help the renminbi go global, it is unclear how far and fast a boost RMB internationalisation will get from it.

Dr Peng Telecom & Media has sealed its debut bond, raising $500m from a three year that was over 5x covered. Enthusiastic accounts in Asia and Europe piled in to the deal, enabling the lead to slash pricing by a hefty 45bp.

Nanyang Commercial Bank added $1.2bn to its coffers on Thursday with an additional tier one bond, managing to price its deal close to fair value.

China Petroleum & Chemical Corp has sent out a request for proposals for a potential $10bn spin off and listing of subsidiary Sinopec Marketing Co, according to bankers who received the invitation.

The PBoC is rumoured to be looking into making the daily fixing more stable, MSCI says there are still questions on including A-shares in its emerging market index in June, and Vanguard sets up its first wholly foreign owned entity (WFOE) in Shanghai.

Kookmin Bank has become the first South Korean commercial lender to sell a dollar bond in the Taiwanese market, and it did it with style, finding more than enough demand to boost its deal size.