China

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks.

Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.

GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.

Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.

GLP China Holdings received a stronger reception than expected for its bond outing this week, allowing the logistics company to raise $700m with a small premium.

Science City (Guangzhou) Investment Group Co, a Chinese state-owned enterprise, raised $550m from a dual tranche debut bond sale on Tuesday.

Hong Kong-based Jeneration Acquisition Corp, a special purpose acquisition company (Spac), is planning to raise $300m from a Nasdaq IPO.

Bilibili, a Chinese video sharing and gaming platform, has raised HK$20.2bn ($2.6bn) from its Hong Kong secondary listing, following a strong turnout from institutional investors.

New Hong Kong-listed companies are increasingly seeing muted aftermarket trading, rather than sweeping gains on their debuts. However, this shouldn’t be mistaken for a dip in investor sentiment in the stock market. It's instead a sign of strength for the bourse.

Hong Kong JunFa Property Company raised $116m on Monday from a well anchored tap of one of its existing bonds.