Acquisitive Chinese conglomerate HNA Group is offering unusually high interest payments for short-term financing, in the latest sign that the company faces a cash shortage.
Three intermediaries who market banker’s acceptances (BAs) for clients seeking to raise cash told the Financial Times that HNA is willing to pay 11 to 12 per cent for one-year financing, far higher than typical rates for high-quality Chinese borrowers. Two of them said that in mid-2017, comparable bills were yielding only 7.5 per cent.
The high yields are another sign that HNA — which has agreed to $40bn of acquisition deals since 2015 and is the largest shareholder in Deutsche Bank and Hilton Worldwide — is perceived as risky by potential creditors.
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