China

US-based Oaktree Capital Management has become the first foreign asset management firm to set up a wholly owned subsidiary in mainland China.

Local government bond issuance in China had a record start in 2020, until the coronavirus outbreak put a dent in the pace of deals. But funding plans announced by a number of provinces this week could signal a revival in the market.

China Aoyuan Group and China Huarong Financial Leasing Co this week raised a combined $388m from bonds that will mature in less than one year, taking advantage of a regulatory loophole to tap the market with short-dated deals.

Industrial and Commercial Bank of China turned to the Australian debt market on Monday to raise A$500m ($336m) through its Sydney branch.

Independent television producer China Bright Culture Group has launched pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

The People’s Bank of China trimmed the one year medium-term lending facility (MLF) rate by 10bp from 3.25% to 3.15% on Monday morning. The move will likely lead to lower loan prime rates when they are published later this week, said analysts.

In this round-up, China could face a downgrade to its sovereign rating, Hong Kong’s finance secretary expects a “tsunami-like” impact on the economy from the Covid-19 outbreak, and the Chinese securities regulator relaxed rules on stock issuance.

Property company Eisa Holding has returned to the loan market for a refinancing deal through bookrunner First Commercial Bank.

A number of Chinese borrowers are navigating a slowdown in offshore bond issuance approvals from the regulator by selling sub-one year deals to capture the momentum in the dollar debt market.

In this round-up, the number of novel coronavirus infections increased by 14,840 in a single day after the Hubei province changed its diagnosis methodology, China has put the former mayor of Shanghai in charge of Hubei amid the prolonged outbreak, and regulators have given the green light to MasterCard’s long-awaited entry to the Mainland market.

Fosun International has returned to the offshore loan market for a $650m refinancing that is being run by a large banking group at the top.

Citic Capital Acquisition Corp has raised $240m from its listing on the New York Stock Exchange. The special purpose acquisition company (Spac) is targeting green and sustainable businesses.