Taiwan

Qatar National Bank (QNB) came back to the offshore renminbi market this week, just two months after its last syndicated CNH transaction. The issuer raised Rmb600m ($94m) on Wednesday by selling a three year note in Taiwan, after investors demonstrated demand for its renminbi debt.

Société Générale has appointed Mark Liu as the group country head for Taiwan, succeeding Godwin Chang who is stepping away from banking.

First Abu Dhabi Bank hit the Taiwanese market for a Rmb1.1bn ($172.69m) bond on Wednesday, just two months after its last Formosa deal.

Taiwan-based M17 Entertainment, a web streaming platform, has filed for a $115m IPO on the New York Stock Exchange.

South Korea’s Busan Bank raised Rmb500m ($78.62m) from its first Formosa bond last Friday, taking advantage of the arbitrage opportunity to swap the deal back to dollars.

Chilean state-owned copper mining company Codelco raised $600m of 30 year money in Taiwan on Monday in the first Formosa trade from a Chilean corporate.

The Central American Bank of Economic Integration (Cabei) was back in Taiwan’s Formosa market on Friday with a renminbi-denominated bond, more than 18 months since its last renminbi-denominated issuance.

Taiwanese financial conglomerate Shin Kong Financial Holding Co is planning a domestic rights offering, an issuance of global depository receipts (GDR), or a combination of the two to raise capital.

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

South Korea’s Kookmin Bank returned to the Formosa bond market on Monday, raising $300m from a floating rate note (FRN). Taiwanese investors’ eagerness to buy Korean financial credits helped the issuer price a relatively cheap deal versus an international transaction.

Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.

The Export-Import Bank of Korea raked in a larger than expected Rmb1.5bn ($236.5m) from an offshore renminbi bond on Friday, in a deal buoyed by Taiwanese investors’ appetite for new paper.