Northeast Asia

Chinese financial leasing company Far East Horizon returned to the offshore renminbi (CNH) bond market on Tuesday for its largest deal in the currency.

Investors were eager to buy into investment grade rated property developer China Overseas Grand Oceans Group's (Cogo) latest dollar bond, pumping in $4.6bn of orders for the $512m trade.

The Hong Kong Mortgage Corp (HKMC) made a rare public appearance in the debt market this week with a dual-currency transaction worth $1.29bn-equivalent. Featuring a Hong Kong dollar portion and an offshore renminbi tranche, the deal helped the issuer get ‘competitive’ pricing levels, said bankers.

GCL New Energy Holdings, a Chinese solar power company, has failed to repay a $500m bond that was due on January 30.

SAIC-GMAC Automotive Finance Co has wasted no time in making its second appearance in China’s onshore auto loan ABS market this year, selling a Rmb10bn ($1.55bn) Rongteng 2021-2 transaction on Monday.

Hyundai Capital Services used the green label on its dollar bond to its benefit when hitting the market on a relatively volatile day, managing to find about $4.75bn of demand for a $600m transaction.

Mainland-based Jinxin Fertility Group raised HK$1.27bn ($163.5m) in fresh equity on Monday after issuing a chunk of new shares.

Property company China Fortune Land Development has missed payments on Rmb5.255bn ($813m) of onshore debt, adding to concerns about its liquidity condition and access to funding.

Mongolian Mortgage Corp (MIK), which was forced to pull its dollar bond last month after sudden political upheaval in the country, returned to the market on Monday to raise $250m.

The share prices of key subsidiaries of HNA Group took a beating on Monday after the beleaguered Chinese conglomerate announced a bankruptcy restructuring. One of its companies, Hainan Airlines Holding Co, also forecast $10bn of losses for 2020.

Mainland-based healthcare sector issuers SciClone Phamaceuticals (Holdings), New Horizon Health and Joinn Laboratories (China) kicked off pre-deal investor education for their Hong Kong IPOs on Monday.

Hong Kong’s personal loan provider United Asia Finance has increased the size of its loan to HK$2.55bn ($328m) after receiving strong response during syndication.