Northeast Asia
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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.
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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.
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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.
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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.
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Standard Chartered has become the first non-Chinese bank in Singapore to close a dollar-renminbi FX forward trade via the onshore China Foreign Exchange Trade System (CFETS), the firm said in a statement on Thursday.
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.
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The Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) have agreed to an expanded “strategic cooperation” agreement, and intend to develop debt and equity products for investors.
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Moody’s downgrade of China triggered a slight widening of spreads on international dollar bonds from the country’s issuers on Wednesday, but the reaction was otherwise largely muted. Despite the tepid response, market watchers say the downgrade could, and should, do more to reset pricing in the offshore debt market. Morgan Davis reports.
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South Korean carmaker Kia Motors has sent a request for proposals for a $648m financing to back the construction of a manufacturing facility in India, its first in the country. The loan is receiving plenty of attention from lenders looking to capitalise on opportunities in the south Asian country. Shruti Chaturvedi reports.
