Northeast Asia

Investors already reeling from the growing impact of Covid-19 on markets had another thing to contend with on Monday — a collapse in the price of crude oil. Asian bonds and stock markets tanked in the aftermath, with debt bankers saying there was no reprieve in sight.

China’s Immunotech Biopharm has applied for listing approval in Hong Kong, aiming to raise more than $100m from its IPO, according to a source familiar with the matter.

In this round-up, Covid-19 infections have spread across the world at an alarming speed, the Chinese central bank did not follow its US counterpart to lower interest rates, and the media row between the two countries has deepened.

Metallurgical Corp of China (MCC) took advantage of investors’ desperation for yield and strong credits this week, selling a subordinated perpetual bond worth $400m.

A trio of South East Asian issuers have visited the Hong Kong dollar market in the last two weeks, as a move in the basis spurred demand. Among the issuers was Korea’s state-owned mining company Korea Resources Corporation (KORES), which made its debut in the currency and in the MTN format on Monday.

China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.

China has launched a streamlined system for corporate bond issuance. The move should be applauded — but it further muddies the waters in China’s regulatory system, writes Rebecca Feng.

Volkswagen Finance (China), wholly owned by Volkswagen Financial Services AG, will come to the onshore securitization market for a Rmb5.97bn ($860m) transaction on March 12.

Mexico’s state-owned electric company Comisión Federal de Electricidad (CFE) turned to Taiwan’s bond market this week to sell a dollar bond — its latest foray into the Formosa bond market.

Apologies millennials, but not everything needs to come with an added perk. Whatever happened to banking being boring?

Chinese property developer Jingrui Holdings made its first dollar outing of 2020 on Wednesday, raising $180m from the bond.

Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.