China

In this round-up, Covid-19 infections have spread across the world at an alarming speed, the Chinese central bank did not follow its US counterpart to lower interest rates, and the media row between the two countries has deepened.

Metallurgical Corp of China (MCC) took advantage of investors’ desperation for yield and strong credits this week, selling a subordinated perpetual bond worth $400m.

China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.

China has launched a streamlined system for corporate bond issuance. The move should be applauded — but it further muddies the waters in China’s regulatory system, writes Rebecca Feng.

Volkswagen Finance (China), wholly owned by Volkswagen Financial Services AG, will come to the onshore securitization market for a Rmb5.97bn ($860m) transaction on March 12.

Chinese property developer Jingrui Holdings made its first dollar outing of 2020 on Wednesday, raising $180m from the bond.

Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.

Has Zhongrong Xinda Group Co, a Chinese bond issuer, missed a coupon payment? That was the impression given by the Shanghai Clearing House this week. But on the same day, the issuer said it had, in fact, repaid the money — privately.

China Hongqiao Group, an aluminium producer, has returned to the loan market for a $200m borrowing,

China’s Luxshare Precision is in the market seeking a $500m revolving credit facility, returning to bank lenders after an absence of three years.

Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, will follow BMW and SAIC-GMAC and sell a Rmb4bn ($574.2m) three tranche deal on March 10.

LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.