Funding the coronavirus fight: Chinese companies sell US$4.1 billion in bonds to shore up finances as economy falters
Chinese companies have sold US$4.1 billion worth of bonds to strengthen their finances against a stalling business environment, taking advantage of the government’s order to relax funding approvals to help the nation overcome its worst public health crisis since 2003.
Legend Holdings, China International Capital Corporation (CICC) and China State Shipbuilding are among the Chinese borrowers that have sold new debt in recent weeks, continuing a record-breaking US$9 billion start to the year for bond issuance across Asia.
The fundraising by Chinese companies adds to the 6.8 trillion yuan (US$974 billion) of corporate bonds that are scheduled to mature this year, a second high-water mark after last year’s record of 7.6 trillion yuan, according to Bloomberg’s data. Bonds can provide companies with a relatively swift way of bolstering their finances against any fallout from the viral disease, dubbed Covid-19.
...https://www.scmp.com/business/bankin...nies-sell-us41
- Legend Holdings, China State Shipbuilding, Central China Real Estate are among the borrowers that are tapping the capital market with “anti-epidemic bonds” amid virus outbreak
- The Chinese bonds are among the US$9 billion of offshore deals by Asian borrowers signed since end of January
Chinese companies have sold US$4.1 billion worth of bonds to strengthen their finances against a stalling business environment, taking advantage of the government’s order to relax funding approvals to help the nation overcome its worst public health crisis since 2003.
Legend Holdings, China International Capital Corporation (CICC) and China State Shipbuilding are among the Chinese borrowers that have sold new debt in recent weeks, continuing a record-breaking US$9 billion start to the year for bond issuance across Asia.
The fundraising by Chinese companies adds to the 6.8 trillion yuan (US$974 billion) of corporate bonds that are scheduled to mature this year, a second high-water mark after last year’s record of 7.6 trillion yuan, according to Bloomberg’s data. Bonds can provide companies with a relatively swift way of bolstering their finances against any fallout from the viral disease, dubbed Covid-19.
...https://www.scmp.com/business/bankin...nies-sell-us41
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