【英语国际】亚洲企业国际债券发行日益增多

International bond issuance out of Asia is picking up, as a well-known Indian bank and a South Korean state-backed corporation approached investors with an eye on pricing benchmark-sized dollar bonds as early as Thursday.

The bonds proposed by ICICI Bank Ltd. (532174.BY) and Korea Housing Finance Corp. come as investor sentiment is perking up, opening a window for borrowers in Asia, where a large pipeline of deals has been building up this year.

State Bank of India (500112.BY), a government-run lender, has also mandated banks to help it raise around $1 billion following a road show beginning July 19, people familiar with the deal said.

Successful offerings would mark a further thaw in Asia's global issuance, which had until recently been all but frozen since early May as concerns about Europe's sovereign debt challenges and a slowdown in the global economic recovery made investors reluctant to take on risk. After a tumble in May and recent volatility, stock markets have regained some stability, with Wall Street registering a rally overnight.

ICICI Bank is looking to pay between 315 to 325 basis points over the Treasury bond yield for its proposed 5.5-year senior unsecured global bond, according to a person familiar with the deal. A benchmark-sized offering is typically $500 million or larger.

Bank of America Merrill Lynch, Deutsche Bank and HSBC are joint lead managers for the bond, which will mature in January 2016.

Korea Housing Finance is looking to pay a spread of around 240 basis points over Treasurys for its proposed five-year dollar bond. The offering was meeting solid demand, with the order book approaching $1.1 billion Thursday afternoon, according to people familiar with the deal.

BNP Paribas and Standard Chartered are underwriters of the bond from Korea Housing Finance, a quasi-government organization that provides home loans and mortgage securitization in Korea.

State Bank of India has mandated Bank of America Merrill Lynch, Citigroup, Deutsche Bank, HSBC, Royal Bank of Scotland and UBS as joint lead managers for its potential deal, according to four people familiar with the matter.

The latest offerings follow a $500 million deal late Wednesday from Korea Exchange Bank (004940.SE), whose 5.5-year bond deal drew orders of more than $2.0 billion and climbed in secondary market trading in Asia Thursday. Indonesian miner PT Berau Coal last week priced $350 million of five-year bonds.

ICICI Bank's proposed bond is rated Baa2 by Moody's Investors Service and BBB- by Standard & Poor's Ratings Services. Both ratings have stable outlooks.

亚洲的国际债券发行正在增加，印度一家知名银行和韩国一家国家支持企业最早于周四为基准规模的美元债券定价。

在投资者人气上升之时，印度的ICICI Bank和韩国的Korea Housing Finance Corp.计划发行债券，为亚洲借贷者打开了一扇窗，今年仍有大量交易正在酝酿中。

熟悉交易的人士说，印度政府拥有的State Bank of India也委托银行在7月19日开始路演后帮助其筹资约10亿美元。

如果成功发行，将使亚洲的全球债券发行进一步解冻，5月初以来债券发行几近冻结，因对欧洲主权债务危机的忧虑和全球经济复苏的放缓，使投资者不愿冒风险。股市在5月下跌和近期波动后，走势重新有些稳定，美国股市周四收高。

熟悉该交易的人士说，ICICI银行拟发行的5.5年期优先无担保全球债券较美国国债的息差介于315至325个基点。指标规模发行通常为5亿美元或更多。

美银美林（Bank of America Merrill Lynch）、德意志银行（Deutsche Bank）和汇丰（HSBC）是该债券发行的联席主承销商，这些债券将于2016年1月到期。

熟悉交易的人士说，Korea Housing Finance拟发行的五年期美元债券较美国国债的息差约为240个基点，发行受到投资者的热烈追捧，周四下午订单已接近11亿美元。

法国巴黎银行（BNP Paribas）和渣打银行（Standard Chartered）是该交易的的承销商，Korea Housing Finance是准政府机构，在韩国提供家庭贷款和抵押证券化业务。

熟悉情况的四位人士说，State Bank of India已委托美银美林、花旗集团（Citigroup）、德意志银行、汇丰、苏格兰皇家银行（Royal Bank of Scotland）和瑞银（UBS）担任该潜在交易的联席主承销商。

周三稍晚韩国外换银行（Korea Exchange Bank）发行了5亿美元债券，其5.5年期的债券吸引了超过20亿美元的订单，周四在亚洲二级市场交易中上涨。印度尼西亚矿产企业PT Berau Coal上周为其3.5亿美元五年期债券进行了定价。

ICICI银行拟发行的债券被穆迪投资者服务公司（Moody's Investors Service）给予Baa2的评级，标准普尔评级服务公司（Standard & Poor's Ratings Services）给予其BBB-的评级，这两种评级均表示前景稳定。