HSBC

The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being Rmb1bn ($162.8m) bigger than market participants expected.

State-owned Power Construction Corporation of China (PowerChina) made a successful return to the international bond market, pricing its first ever dollar bond on October 14.

Luxury goods retailer SSI Group opened books for its Ps6.5bn ($146m) IPO on October 15, and if all goes well will debut on the Philippine stock exchange in early November to become the largest listing in the country this year.

Korean Reinsurance priced its debut subordinated bond on Tuesday. The borrower was keen to take advantage of the low rate environment, and to get ahead of the looming $6.5bn additional tier one from the Bank of China.

The UK showed the enticing possibilities of the offshore renminbi market for sovereigns after it drew more than Rmb5.5bn ($900m) of orders to a debut deal that was priced at the tight end of guidance. Such was the strength of the demand that the sovereign was able to print Rmb3bn — Rmb1bn more than had been expected by market participants.

E-CL, the largest power generator in the north of Chile, finishes the roadshow for its dollar bond on Wednesday.

The UK looks to have laid down a serious marker for other sovereigns wishing to follow it into the offshore renminbi market, with the book on its debut deal over twice subscribed and guidance well inside initial price thoughts as of Tuesday morning London time.

Power Construction Corp of China (PowerChina) is returning to the market for the second outing this year and this time around is looking to price a perpetual bond.

The UK government's landmark RMB bond is grabbing attention this week, but financial market participants are already looking at the next steps, with panda and green bonds seen as possible next areas of focus for Chinese capital account liberalisation, according to HSBC.

Korean Reinsurance (Korean Re) has brought out Korea’s first offshore subordinated bond from the insurance sector.

Indonesian conglomerate Astra International is close to winding up a $300m club loan with eight lenders.

A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads.