Northeast Asia

The US securities regulator has introduced rules that would delist foreign companies from local stock exchanges if they do not comply with US auditing standards. Shares in Chinese companies dual listed in Hong Kong and the US dived following the move.

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Tricor Holdings, owned by investment firm Permira, has brought a rare dividend recapitalisation deal to Asia’s loan market. Pan Yue reports.

Horse racing is a way of life in Hong Kong. It is also just one part of life that has been changed dramatically by the coronavirus.

Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks.

Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.

GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.

Natixis makes senior changes to CIB, coverage teams — BofA rejigs Korea leadership

Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.

GLP China Holdings received a stronger reception than expected for its bond outing this week, allowing the logistics company to raise $700m with a small premium.

South Korea’s Daewoo Engineering & Construction Co has raised a $200m loan consisting of conventional and Islamic financing tranches, in a deal driven by Middle Eastern banks.