Northeast Asia

Investment bankers are now working from home en masse. That can lead to occasional moments of embarrassment.

Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan. More worrying than the triggering of the market disruption clause, however, is the volatility that forced the move.

Beijing Enterprises Clean Energy Group is back in the offshore loan market, seeking a $150m borrowing seven months after its last deal.

China’s State Council has unveiled details on yet another stimulus package to support its economy, including more local government bonds, lower interest for loans and a potential cut in the reserve requirement ratio for smaller banks.

WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).

MUFG Bank has named Pierre Ferland as co-head of global markets for Asia, moving him over from the investment banking division.

Viva China Holdings has bagged HK$1.51bn ($194.3m) after selling a block of shares in Chinese sportswear manufacturer Li Ning Co at the top of the marketed range.

Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors.

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Viva China Holdings is selling a chunk of stock in sportswear manufacturer Li Ning Co worth as much as HK$1.51bn ($194.3m).

The China Securities Regulatory Commission (CSRC) has selected six domestic securities houses to be regulated on a consolidated basis. The move will grant these firms more flexibility in risk assessment and enable them to have a higher leverage ratio.

China’s official Purchasing Managers’ Index (PMI) recorded a sharp rebound in March as businesses slowly resumed their activity. While the strong figures led to a rally in the stock market, economists are warning against reading too much too soon into the data as challenges remain for the country’s economy.