China

Toyota Motor Finance (China) Co has sealed the senior tranches of its auto ABS deal at negative spreads to onshore benchmarks thanks to strong backing from Japanese investors, putting the post-Chinese New Year securitization market on strong footing.

A significant widening of China South City Holdings’ dollar bonds issued in January forced the company to offer a juicier yield for its return to the international market this week.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).

Chinese companies mulling new loans are taking inspiration from the recent thinly priced deals from technology giants Tencent Holdings and Baidu to push pricing down on their own transactions. This is a risky proposition.

A bout of volatility in US Treasury rates has slowed down primary bond flow in Asia and forced borrowers to pay up for their deals. While the turbulence has kept issuers at bay, it will offer a much-needed reset for the region’s bond market.

China’s Huadong Medicine Co has turned to the loan market for the first time.

Dr Peng Telecom & Media Group Co has extended the maturity of its dollar bond until December 2022.

Three Panda bond issuers are gearing up to tap the interbank market to raise at least Rmb5bn ($773.5m) in total.

Gome Retail Holdings, an electrical appliance retailer, has raised HK$4.45bn ($573.5m) after selling a chunk of shares in a top-up placement.

The China Securities Regulatory Commission (CSRC) has firmed up new rules for so-called ‘company bonds’, a move that is set to provide greater flexibility to corporate issuers tapping the exchange bond market.

JP Morgan has stepped down from its position as sponsor on healthcare platform WeDoctor’s planned Hong Kong IPO, according to a source familiar with the matter.

Tuya, an internet-of-things cloud platform provider, is eyeing around $100m from an IPO of American depositary shares (ADS).