Greater China

Australian healthcare business Genesis Care is borrowing A$1.4bn-equivalent to fund the buyout of 21st Century Oncology’s US business, giving loan investors a rare chance to put money to work at a spread north of 400bp.

China Datang Corp, a power generation company, is making its debut in the offshore loan market, seeking HK$5bn ($643m).

JP Morgan has appointed veteran bankers to lead corporate banking divisions in China and Asia Pacific and for its cash management and wholesale payments franchise.

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.