Air Liquide adds to Taiwan’s bond bonanza

The French provider of industrial gases debuts a Taiwan renminbi bond at a difficult time for the market.

The Rmb500 million $81 million formosa bond debut by France-based Air Liquide further indicates Taiwan’s attraction to bond issuers and insurance investors.

Air Liquides deal comes at a difficult time for the market due to a lukewarm domestic economy, the slumping oil price and renminbi depreciation.  

The onshore renminbi has been declining for 4 days since the new year’s trading started, following a 2.4% depreciation in the spot exchange rate versus US Dollar in 2014, the first annual decline since 2005 when China launched the reform of yuan’s currency exchange rate mechanism.

However, Air Liquide Finance, a subsidiary of Air Liquide, still...

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