Greater China

Everyone new to banking has a steep learning curve. But when you live in Asia long enough, you realise the really steep curve comes in trying to understand traditional holiday-related etiquette.

Chinese automobile retailer Zhejiang Geely Holding Group has returned for a €1.4bn dual-tranche facility to refinance a bridge loan raised last year for its purchase of a share in Swedish truck maker AB Volvo.

Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports.

Chinese electric car company Nio made a splash in the US convertible bond market this week, raising $650m from its debut issuance and using a call spread feature to engineer a tasty premium. Jonathan Breen reports.

Macau casino operator Studio City Finance has priced a $600m deal to fund a tender offer, winning plaudits for its precise pricing. But while the company could return to the bond market again this year, overall supply from the sector is expected to be subdued.

China’s securities regulator has published draft regulations for the Shanghai Stock Exchange’s new technology board, giving the market a first look at how the much-anticipated listing venue will function.

Suning Appliance Group has added $235m to its coffers with a bond tap, capturing one of the last windows for issuance ahead of the shut-down of Asia’s bond markets for the Chinese New Year holiday.

Macau casino operator Studio City Finance raised $600m from a deal that was priced right around fair value, funding a tender offer. There could be more bonds from the company in 2019.

S&P Global Ratings, which this week became the first international rating agency permitted to rate Chinese domestic deals, plans to start its business gradually. The firm will initially concentrate on renminbi deals sold by its existing clients.

Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.

The securities market in Hong Kong will fully transform into a paperless model as early as 2022, in the hope of speeding up transactions, according to a joint consultation proposal made by the Securities and Futures Commission (SFC) and Hong Kong Exchange and Clearing (HKEX).

Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year.