Chinese companies tap 'virus bonds' but put cash to other uses [Reuters]
China Southern Airlines Company Limited (ZNH)
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Source: Reuters
Chinese companies tap 'virus bonds' but put cash to other uses SHANGHAI/HONG KONG, Feb 13 (Reuters) - Chinese companies are rushing to access cheap funds via “virus bonds” as they capitalise on Beijing’s efforts to channel money into virus-hit areas of the economy, but prospectuses show most of the funds so raised will be used for other purposes. A Reuters analysis reveals only a third of the roughly 14 billion yuan ($2.01 billion) being raised under a new fast-track regulatory process for “virus prevention and control bonds” will actually be used for the cause. A top glass maker, for instance, plans to deploy the bulk of the money raised to repay bank loans, and a property developer is raising money mostly to restock cash and repay debt. Numerous companies ranging from drugmakers to food producers have announced plans over the past week to issue such virus bonds via the interbank market. But many say they will put just 10% of the cash in virus-related investments, a regulatory minimu
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