State leans on investors to support HNA bonds

Chinese banks are being encouraged to participate in HNA bond issuance by the Chinese government, reports The Financial Times. HNA plans to issue RMB4bn ($620 million) in three-year domestic bonds, paying 6.5-7.5%, through Bohai Financial in three tranches. The first trance will not exceed RMB2bn, according to the report. At a creditors’ meeting co-ordinated by an official from China’s central bank, lenders were urged to “support” HNA’s bonds. In April, HNA confirmed its debts stood at $94bn at the end of 2017. The bond raising is part of its plan to reduce its debt burden and shrink to focus once