HSBC

While China's government and financial authorities busy themselves with promoting the internationalisation of the renminbi, the country's corporates sometimes lag behind foreign firms looking for a trade advantage. Malaysia is one such market, say bankers.

Brazilian meatpacker Minerva provided bond investors with their only chance for new LatAm paper this week, and the book size and aftermarket performance showed that new issue conditions have not at all cooled for the August holidays.

Bankers and investors are casting an increasingly critical eye on aggressive deals scheduled for launch in September, as relentless fund outflows indicate investors might not commit as willingly as they did in the first half of 2014.

Luxembourg, which is gearing up to sell the first euro denominated sovereign sukuk, is set to meet investors in Asia, Europe and the Middle East at the end of September. It has hired a pair of banks to lead the project.

China Construction Bank Asia (CCB Asia) pulled off a smart move this week, getting ahead of an expected September rush of deals to price its debut Basel III tier two offering on Wednesday. With large volumes of bank capital expected from Chinese banks, getting in early allowed CCB Asia to come inside a rival's curve, writes Virginia Furness.

Pakistan has mandated four banks to arrange its second ever dollar denominated sukuk, despite its conventional bonds having lost 3pts-4pts in cash since the start of June.

Chinese department store operator Springland International Holdings has wrapped up its fundraising at $320m, with 15 banks joining during syndication. The three year facility, which was launched at $250m, was oversubscribed.

Delhi International Airport Limited (Dial) is preparing to join the procession of Indian high yield names making their debut in the international bond market, after picking for banks for a dollar deal.

Brazilian meatpacker Minerva took advantage of an empty Latin America new issue market to fetch a well oversubscribed tap of its outstanding 2023s with a narrow premium on Thursday, increasing the planned size of the tap in the process.

China Construction Bank Asia (CCB Asia) has opened guidance on its first Basel III compliant bank capital bond after meeting investors last week. CCB Asia’s parent, China Construction Bank, is also in the process of issuing a tier two bond in the domestic market.

A highly leveraged acquisition loan from Bureau van Dijk, expected to launch next month to back the company’s takeover by EQT, has attracted scrutiny following a week of volatility in the leveraged loan market. But existing lenders to the company have not deserted the borrower, a source at the private equity firm told GlobalCapital on Tuesday.

Investment and trade flows between China and Southeast Asia are set to keep rising on the back of expanding economies and trade agreements, the bank predicts.