Northeast Asia

The National Association of Financial Market Institutional Investors (Nafmii) has made fresh efforts to reform the bond issuance process in China. It is giving some issuers more flexibility around their fundraising plans and the way they can execute deals.

In this round-up, China’s economy shrinks for the first time since records started, exports and imports fall in March but rebound from recent lows, and the State Council will further develop the country’s capital markets.

In this round-up, China’s ambassador to the US said the two countries have been working towards implementing the trade agreement reached in January, and the UK’s foreign secretary said hard questions need to be asked about the Covid-19 pandemic.

China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.

Chinese local government financing vehicle (LGFV) Qinghai Provincial Investment Group Co has missed a coupon payment on a dollar bond yet again as its financial troubles continue.

Chinese chemical company EcoGreen International Group has returned to the offshore loan market after a three year break for $150m.

Stockor Ng, a former DBS loans banker, started his new job at China Citic Bank International this week, GlobalCapital Asia understands.

Neil Tu, a vice president on CICC’s equity syndicate team, left the Chinese investment bank this week.

SK E&S, a South Korean energy company, has raised HK$11.55bn ($1.49bn) by selling most of its shares in China Gas Holdings near the top of the marketed range.

South Korean energy company SK E&S has launched a block sale of up to HK$11.8bn ($1.52bn) in China Gas Holdings, according to a term sheet seen by GlobalCapital Asia.

Chinese conglomerate HNA Group delayed the repayment of an outstanding bond this week, after an 11th-hour meeting that investors and bankers sharply criticised. Addison Gong reports.

Chinese hotel company Huazhu Group, previously known as China Lodging Group, is asking lenders’ consent to waive some of the financial covenants on a recent syndicated loan.