Northeast Asia

After months of lockdown in countries across the world, a few of my banker friends are now slowly heading back to their offices. It is not easy.

Hangzhou Qiantang New Area Construction and Investment Group Co, a Chinese local government financing vehicle (LGFV), found strong support from banks for its maiden dollar bond, allowing it to tighten price guidance by 70bp during the day.

Hong Kong-based Li & Fung used a coupon step-up in case of a rating downgrade to attract investors to its $300m bond on Tuesday, as it gears up for a big hit to its business this year as a result of Covid-19.

Redco Properties Group returned to the dollar market with a sub-one year bond on Tuesday, two weeks after using up its offshore issuance quota.

Chinese property developer Fantasia Holdings Group Co reopened a bond initially sold three years ago in a bid to lower its funding costs, taking $200m from the tap.

Chinese property developer Yanlord Land Group has increased the size of its latest borrowing to $1.1bn-equivalent after receiving strong response during syndication.

US president Donald Trump’s sudden targeting of Tencent Holdings and its flagship app WeChat last week was vague in the extreme. But what is clear is the Trump administration’s increasing willingness to go after China’s tech darlings. That should not be ignored.

Taiwan’s Taiflex Scientific Co, an electronic parts and components maker, has closed a dual-currency borrowing of NT$2.5bn ($85m) with eight banks.

GlobalCapital and Standard Chartered hosted a virtual roundtable on the China high yield debt market at the end of July as the second part of a 2020 roundtable series. The first was conducted in mid-April. The market has seen drastic changes in the months since. We gathered together a group of leading high yield bond experts to find out how they have dealt with those changes.

Taiwan’s Quanta Computer has returned to the loan market for a tightly priced $1bn deal, slicing both the margin and participation fees on offer.

Troubled Chinese bond issuer Yihua Enterprise (Group) Co will hold a meeting with investors on Wednesday, where it will promise to pay the overdue interest on a domestic medium-term note before the end of September.

China Education Group Holding has raised HK$2bn ($260m) after boosting the size of a top-up share placement.