TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
last updated:
9 September, 2024
Amid declining returns from traditional assets such as stocks and real estate, investors are increasingly turning to low-risk options, such as government bonds. Photo: AFP
Banking & finance

Hefty fines reflect resolve of China’s central bank as bond yields plunge

Three institutions are slapped with multimillion-dollar penalties for bypassing regulatory requirements – the first such action taken after PBOC warnings this year.

Macau

Bond listings in Macau hit record, stronger growth seen in 2025

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China economy

China bond bulls relish market in 2025 as worries about economy persist

United States

Macroscope | Trump vs the Fed: why 2025 could be the year things get ugly

The Fed is making it clear that Trump’s policies come at a price, one that he might be unwilling to pay if inflation rises more sharply.

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Donald Trump, then US president, looks on as Jerome Powell, his nominee to lead the Federal Reserve, speaks at the White House in Washington on November 2, 2017. Photo: Reuters
Banking & finance

NWD to focus on corporate strategy as stock slides amid debt crisis

The company’s shares slipped 6.7 per cent to HK$5.27 on Wednesday, bringing the slide this year to 55 per cent.

Banking & finance

China’s record-low government bond yields spark fresh warning from central bank

Institutions are being warned as bearish investor sentiment, and an expectation of lower interest rates, continue to make the bond market a sought-after haven.

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HKEX

Foreign investors gain new collateral options for China bond trades in January

The move provides flexibility to international investors and promotes yuan internationalisation, says bourse operator HKEX.

Exchange Square in Central, home of bourse operator Hong Kong Exchanges and Clearing. Photo: Xiaomei Chen
Hong Kong economy

Opinion | Bond sale shortfall, ballooning deficit early warning signs for Hong Kong

The weak response to a government bond sale and deficit woes should spur leaders into urgent, resolute action.

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Banking & finance

Hong Kong US$2.7 billion infrastructure bond offering is undersubscribed

The offering sees underwhelming investor demand, missing expectations.

China economy

Macroscope | Fears of China’s ‘Japanification’ are overblown

While low yields might be a symptom of Japanification, evidence shows bond markets are on China’s side.

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A woman walks past the headquarters of the People’s Bank of China in Beijing. Photo: Reuters
China economy

China’s 10-year bond yield slumps to record low, pressuring yuan

‘Staggering’ new low signals ‘chilling risk forecast’ amid a deflationary spiral ‘eerily reminiscent’ of Japan’s long malaise, analyst says.

The slump in bond yields complicates the central bank’s task of stabilising the yuan, which now faces more depreciation pressure. Photo: Shutterstock
China property

China property market faces long recovery road despite debt-plan progress

Sino Ocean and Shimao debt plans inch ahead in ‘positive signal’, but true recovery is still far off given structural issues, analysts say.

China property

Sunac sells stake in Harbin Ice and Snow World Park for US$138 million

The divestment comes amid Sunac’s efforts to restructure about US$2 billion in onshore debt.

Blockchain

Hong Kong offers grants to boost tokenised bond issuance

The city’s de facto central bank is handing out up to HK$2.5 million in subsidies per issuance to qualified tokenised-bond issuers.

The HKMA plans to hand out subsidies to qualified companies to boost tokenised-bond issuances in the city. Photo: AFP
Xiongan New Area

Xi Jinping’s ‘city of the future’ logs record quarter for construction financing

Five batches of ultra-long special bond sales raked in several billion yuan for the Xiongan New Area, as development of ambitious megacity speeds up.

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Hundreds of billions of yuan have been invested in the Xiongan New Area’s construction, including roads, residential blocks, schools, hospitals and a high-speed railway station. Photo: Xinhua
Interest rates

Hong Kong’s infrastructure bond offering excites retail investors

This is the second retail bond offering following last month’s HK$50 billion Silver Bond sale under the city’s new infrastructure bond framework.

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United States

Opinion | With Trump 2.0, it will be every country for itself

Given Trump’s policy direction, the only conclusion for realists is that self-strengthening must be the main thrust in a fragmenting world order.

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Alibaba

Alibaba pulls in US$5 billion from dual-currency bond offering

The deal marks the biggest corporate bond issue of its kind in the Asia-Pacific region this year.

The net proceeds from Alibaba Group Holding’s latest bond offering will be used for general corporate purposes, including repayment of offshore debt and share buy-backs. Photo: Shutterstock
Banking & finance

Hong Kong urged to boost capital flow with mainland for global market access

Former HKMA head Norman Chan says capital circulation is not as seamless as it used to be.

Banking & finance

Explainer | What makes China’s ultra-long ‘special bonds’ so special?

China has only issued its ultra-long-term government bonds in special circumstances – here’s why this year qualifies.

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Alibaba

Alibaba to sell bonds to repay debt, fund buy-back amid low rates

The Chinese e-commerce leader is issuing bonds denominated in US-dollar and yuan to help repay debt and fund stock repurchases.

Alibaba plans to issue new bonds to fund its share repurchases and repay debt. Photo: Shutterstock
Hong Kong

Hong Kong to issue HK$20 billion retail infrastructure bond

The bond, which have a tenor of three years, will provide assured returns of 3.5 per cent to be paid every six months.

The proceeds from the HK$20 billion bond will be used to fund key infrastructure projects. Photo: Legco
Banking & finance

HSBC’s 4.5 billion yuan panda bond to boost globalisation of Chinese currency

The bond, which pays an annual coupon of 2.15 per cent, also reinforces Hong Kong’s role as the world’s offshore yuan centre, bank says.

China’s economic stimulus

China unveils debt-relief plan, keeps further stimulus salvo in reserve arsenal

Week-long NPC Standing Committee meeting ends with mostly forward-looking plans to right China’s economic ship.

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China’s economic stimulus

China to unveil fiscal stimulus plans, but may hold fire until 2025: analysts

A week-long session of China’s top legislative body, the National People’s Congress (NPC) Standing Committee, concludes on Friday.

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Women walk past by a display showing the Shanghai stock market index outside a brokerage in Beijing. Photo: AP
China property

China’s developers borrow more to satiate their thirst for funding

Bond financing in the property sector rose for the second month in October, rising 3.2 per cent from last year to 29 billion yuan, according to the China Index Academy.

A general view of a residential housing complex under construction in Huaian in eastern China’s Jiangsu province on October 17, 2024. Photo: AFP
Banking & finance

Why is China planning to issue US dollar bonds in Saudi Arabia?

The Ministry of Finance says it will sell up to US$2 billion of notes in Riyadh next week.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s financial war chest posts record gain of US$28.8 billion

Lawmakers asked whether the fund could give more to address the government’s deficit, but HKMA’s CEO urged sticking with an existing formula.

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