China

Dongfeng Peugeot Citroen Auto Finance Co made its first appearance in China’s auto loan ABS market since 2017 this week, sealing a Rmb2.201bn ($336m) deal amid rising demand for proprietary brand vehicles after a plunge in sales in recent years.

Chinese company Zhaoke Ophthalmology has kicked off a Hong Kong IPO worth up to HK$2.1bn ($270m), becoming the latest biotechnology company to sell shares on the bourse.

Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.

A planned restructuring of China’s Ant Group into a financial holding company has raised questions — and fuelled speculation — about when the firm is able to revive its derailed IPO and how it will be valued. Addison Gong reports.

Fears around the health of China Huarong Asset Management Co rattled investors this week and took a toll on Asia’s bond market. The bad debt manager’s dollar bonds have tumbled, bringing new issuance from China to a near halt and putting pressure on other state-linked credits in the secondary market. Morgan Davis reports.

Imagine trying to explain stock markets to an alien or an intelligent caveman, someone who has grown up in a world without the flicker of red and green numbers, the theatre of shareholder meetings, the strange spectacle of Jim Cramer’s pre-scheduled rage.

Guotai Junan Securities Co faced a choppy market backdrop to price a $500m bond on Wednesday, becoming one of only a handful of Chinese issuers to head offshore this week.

South Korean issuer Hanwha Solutions Corp debuted in offshore renminbi (CNH) on Tuesday, pricing a Rmb1bn ($153m) green bond that benefitted from a guarantee from the Asian Development Bank’s Credit Guarantee and Investment Facility.

Fears around the health of China Huarong Asset Management Co have spooked investors this week and taken a toll on Asia’s bond market. The bad debt manager’s dollar bonds have tumbled, bringing new issuance from China to a near halt and putting pressure on other state-linked credits in the secondary market.

MUFG Bank has appointed Johnson Yuan as deputy president for its wholly owned subsidiary MUFG Bank (China).

Chinese financial technology company Ant Group Co will transform itself into a financial holding company as part of a government mandated restructuring that will affect its key payments, consumer lending and wealth management businesses.

Metallurgical Corporation of China navigated tricky bond market conditions to raise $500m on Monday at a negative new issue premium, thanks to its standing among investors and the scarcity of state-owned perpetual deals.