Northeast Asia

The Republic of the Maldives is selling its debut international bond, while ESR Cayman is looking to price a perpetual non call three year note on Wednesday.

Bloomberg has launched a new investment analytics tool to track China’s bond market, ahead of the launch of the Bond Connect. The product is set to increase transparency in the Mainland debt market, complementing the country’s efforts to widen access for foreign investors.

Chinese steel producer Shougang Corporation has mandated banks for its inaugural euro bond, with roadshow set to begin on Wednesday.

Banks are competing for a position on the upcoming multi-billion-dollar IPO of China Tower Corp, the company responsible for the Mainland’s mobile phone towers, according to multiple ECM bankers in Hong Kong.

Four Chinese issuers have recently registered with the National Development and Reform Commission (NDRC) to sell offshore bonds, according to an update on its website last Friday.

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.