China

Online gaming and education firm NetDragon Websoft Holdings and biotechnology company Innovent Biologics both tapped the equity market on Wednesday evening for funds.

Agricultural Development Bank of China took Rmb1.5bn ($215m) from a tap of its outstanding dim sum bond on Tuesday. Thanks to little supply in the offshore renminbi bond market, the issuer pulled off a tightly priced deal, even finding support from price-sensitive hedge fund investors.

Far East Horizon, one of China's largest independent leasing companies, rolled out a five year bond on Tuesday worth $300m.

Yiwu State-owned Capital Operation Co raised $400m from a bond on Tuesday, showing that there is still interest in deals from Chinese local government financial vehicles (LGFVs) amid the outbreak of the novel coronavirus.

Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has returned to the market for a $350m loan.

China International Capital Corp (CICC) raised $1bn from a three year floating rate bond on Monday, appealing to investors because of its strong credentials and name recognition, said bankers on the deal.

Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.

Beijing Roborock Technology, a manufacturer of robotic vacuum cleaners, has sealed its Star board IPO at a hefty 58.76 times earnings ratio — the highest IPO price on record, not just on Star but also in the entire Chinese A-share market.

Hong Kong-based Value Partners Group has been added to a growing list of asset managers of foreign private funds that are allowed to provide investment advisory services in mainland China since last year.

The value of the riskier tranche of the World Bank’s pandemic bond has been discounted — but not by very much — as the coronavirus outbreak infects more people outside of China and therefore comes closer to triggering a payout from the notes.

In this round-up, Beijing-headquartered Asian Infrastructure Investment Bank is ready to provide loans to help China combat the deadly outbreak of the novel coronavirus, the Ministry of Finance has rolled out more easing measures amid the epidemic, and Huishang Bank has finally confirmed it is taking over Baoshang Bank.