China

These are troubling times. Covid-19 case numbers are jumping every day, more countries are being added to travel ban lists, and the virus outbreak is now officially a pandemic. But some bankers are still finding the positives in all the chaos.

SAIC-GMAC Automotive Finance and Genius Auto Finance printed auto loan ABS deals on Monday and Tuesday. Both were sealed near the tight end of their price guidance ranges.

Two new dollar transactions were launched in the Asian bond market on Wednesday, signalling a slow revival in confidence after a rough start to the week.

Guangzhou R&F Properties Co has become the latest Hong Kong-listed mainland company planning to convert its domestic shares into H-shares, after China fully opened up the H-share full circulation scheme last November.

Chinese biopharmaceutical firm InnoCare Pharma kicked off bookbuilding for its Hong Kong IPO on Wednesday, securing over half of the deal with cornerstone investors.

Can the capital markets function properly with its workforce operating remotely, whether from home or at disaster recovery centres? This question is becoming increasingly important as the Covid-19 infection rate rockets and the death toll grows. One organisation that has more experience of coping than most is the Asian Infrastructure Investment Bank, based in Beijing.

The debt crisis at Citic Guoan Group deepened after the company announced its eighth domestic bond default this week. Fellow Chinese issuer, Macrolink Holding Co, was also unable to pay back a Rmb1bn ($144m) bond as the Covid-19 outbreak took a toll on its businesses.

China Gas Holdings, a Hong Kong-listed natural gas distributor, doubled the size of its onshore renminbi deal to Rmb1bn on Monday, selling just the second Panda bond linked to combatting woes caused by Covid-19.

In this round-up, the number of confirmed cases of the novel coronavirus (Covid-19) infections has surpassed the 100,000 mark, both China’s import and export volumes declined year-on-year for January and February, and property developers suffered huge drops in contracted sales last month.

Sumitomo Mitsui Banking Corp is planning to issue a Rmb1bn ($144m) three year Panda bond soon, a banker on the deal told GlobalCapital China.

Investors already reeling from the growing impact of Covid-19 on markets had another thing to contend with on Monday — a collapse in the price of crude oil. Asian bonds and stock markets tanked in the aftermath, with debt bankers saying there was no reprieve in sight.

China’s Immunotech Biopharm has applied for listing approval in Hong Kong, aiming to raise more than $100m from its IPO, according to a source familiar with the matter.