https://www.scmp.com/rss/38209/feed Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Yulu Ao Yulu Ao Chinese e-commerce major JD.com has priced a 10 billion yuan (US$1.5 billion) dual-tranche offshore bond offering, as issuers from mainland China return to the currency amid improving funding conditions. The Beijing-based e-commerce giant said in a filing to the Hong Kong stock exchange on Thursday that the dim sum bond – yuan-denominated notes issued outside the mainland – comprises 7.5 billion yuan of five-year senior unsecured notes carrying a 2.05 per cent coupon, and 2.5 billion yuan of... https://www.scmp.com/business/china-business/article/3348747/chinas-jdcom-returns-dim-sum-bond-market-10b-yuan-offering?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348747/chinas-jdcom-returns-dim-sum-bond-market-10b-yuan-offering?utm_source=rss_feed Thu, 02 Apr 2026 04:30:09 +0000 Enoch Yiu Enoch Yiu The University of Hong Kong (HKU) will begin a roadshow this week to gauge investor interest in a landmark bond programme that could raise up to HK$3 billion (US$385 million) to fund its planned expansion in the Northern Metropolis, according to people familiar with the matter. Scores of banks, insurance and pension companies and fund managers were invited to attend roadshows arranged by bankers including HSBC Holdings over the coming days, one source told the South China Morning Post on... https://www.scmp.com/business/article/3348432/hku-eyes-us385-million-bond-fund-northern-metropolis-expansion?utm_source=rss_feed https://www.scmp.com/business/article/3348432/hku-eyes-us385-million-bond-fund-northern-metropolis-expansion?utm_source=rss_feed Mon, 30 Mar 2026 12:30:38 +0000 James David Spellman James David Spellman As war in the Middle East escalates, the financial fallout extends beyond energy price and supply-chain disruptions. Vulnerabilities in the US$3 trillion-plus global private-credit market are accelerating, driving investors to safe havens, while global finance undergoes a rapid transformation. China, the world’s largest creditor to developing countries, will feel the repercussions. This is the first real stress test confronting the vast lending empire. A meltdown was inevitable; only the timing... https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed Wed, 25 Mar 2026 08:30:09 +0000 Zhang Shidong Zhang Shidong Expectations of monetary tightening by global central banks have intensified, triggering a fresh wave of sell-offs in risk assets as the US-Israel war with Iran enters its fourth week. Rates traders are now projecting no rate cuts by the Federal Reserve this year after chair Jerome Powell said last week that rising oil prices added uncertainty to the monetary outlook. That stands in contrast to the forecast of two reductions before the outbreak of the hostilities in the Middle East. The European... https://www.scmp.com/business/china-business/article/3347552/global-markets-brace-rate-hikes-iran-war-and-us100-oil-stoke-tightening-fears?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347552/global-markets-brace-rate-hikes-iran-war-and-us100-oil-stoke-tightening-fears?utm_source=rss_feed Mon, 23 Mar 2026 06:09:38 +0000 Frank Chen Frank Chen The United States’ rapidly mounting sovereign debt pile – which reached an unprecedented US$39 trillion on Wednesday – is becoming “alarmingly unsustainable” and a potential threat to the global economy, with spending likely to spiral even further amid the Iran war, analysts said. It remains unclear whether US President Donald Trump has the political will to rein in borrowing, despite promising to eliminate the national debt while campaigning for office in 2016, and other countries including... https://www.scmp.com/economy/global-economy/article/3347192/us-federal-debt-becoming-alarmingly-unsustainable-iran-war-fuels-spending-analysts?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3347192/us-federal-debt-becoming-alarmingly-unsustainable-iran-war-fuels-spending-analysts?utm_source=rss_feed Fri, 20 Mar 2026 02:00:10 +0000 Enoch Yiu Enoch Yiu HSBC Holdings plans to raise US$2.5 billion by issuing two tranches of additional tier-1 (AT1) bonds, marking the reopening of such offerings after the US and Israel war on Iran rattled global financial markets. The biggest lender in Hong Kong and Europe by assets said in a stock exchange filing before the market opened on Wednesday that it intended to issue the AT1 bonds, officially named perpetual subordinated contingent convertible securities, on March 24 to strengthen its capital. The... https://www.scmp.com/business/banking-finance/article/3346960/hsbc-launches-us25-billion-at1-bond-issue-hong-kong-after-market-standstill?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346960/hsbc-launches-us25-billion-at1-bond-issue-hong-kong-after-market-standstill?utm_source=rss_feed Wed, 18 Mar 2026 04:29:44 +0000 Zhang Shidong Zhang Shidong US President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve is likely to add more volatility to global financial markets, as his historical stance against financial easing could complicate the Fed’s decision-making in terms of monetary easing, according to analysts. The White House nomination came a month after Trump said the former Fed governor, who opposed rate cuts during the 2008 global financial crisis, would be his choice to succeed Jerome Powell, whose chair term... https://www.scmp.com/business/china-business/article/3345721/trumps-fed-pick-stokes-uncertainty-investors-weigh-hawkish-past-pro-growth-pivot?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345721/trumps-fed-pick-stokes-uncertainty-investors-weigh-hawkish-past-pro-growth-pivot?utm_source=rss_feed Sun, 08 Mar 2026 01:30:11 +0000 Matthew Cheng Matthew Cheng Hong Kong Baptist University is “actively considering” issuing bonds to finance its future development, including campus redevelopment and its new Chinese medicine hospital, according to its president. But Professor Alexander Wai Ping-kong also told the South China Morning Post on Thursday that the public institution would be cautious with bond issuance to avoid creating pressure on future management. “Our university needs funding in many aspects, such as our Chinese medicine hospital and the... https://www.scmp.com/news/hong-kong/education/article/3345579/hong-kong-baptist-university-may-issue-bonds-finance-development?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education/article/3345579/hong-kong-baptist-university-may-issue-bonds-finance-development?utm_source=rss_feed Thu, 05 Mar 2026 10:07:34 +0000 Xinyi Wu Xinyi Wu China’s sovereign debt is emerging as a strategic alternative to US Treasuries as global investors look for geopolitical hedges, though greater market liquidity and deeper yuan internationalisation are still needed to cement its status as a global safe haven, an economist at a Chinese government think tank has said. “[These bonds] circumvent the restrictions of the non-convertibility of the renminbi,” said Xu Qiyuan, deputy director of the American Studies Institute at the Chinese Academy of... https://www.scmp.com/economy/china-economy/article/3345378/chinas-sovereign-debt-becoming-strategic-alternative-us-treasuries-economist?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345378/chinas-sovereign-debt-becoming-strategic-alternative-us-treasuries-economist?utm_source=rss_feed Wed, 04 Mar 2026 08:00:09 +0000 Zhang Shidong Zhang Shidong The fallout from surging oil prices has rippled across global asset classes, from stocks to bonds, as escalating military tensions in the Middle East reset investors’ expectations for inflation and the path of central bank policy. As US military strikes against Iran intensified, Brent crude traded near a two-year high of US$82.98 a barrel, while futures in New York touched US$75.75, a level not seen since January 2025. The spike in energy costs has revived fears of a renewed bout of inflation,... https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed Wed, 04 Mar 2026 07:50:37 +0000 Enoch Yiu Enoch Yiu When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan only started in 2009,” recalled Chan, who has worked for various Chinese banks. Beijing’s decision that year to promote its currency for wider use in trade,... https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed Tue, 24 Feb 2026 15:00:09 +0000 Ralph Jennings Ralph Jennings Fiscal strains are forcing Chinese provinces to slash their budget-revenue expectations for 2026 due to the knock-on effects of a five-year property market slump, and analysts cite the shift as a warning sign that intense debt pressures continue to drag down the nation’s economic growth outlook. Major provinces are budgeting for 2 to 3 per cent growth this year in general public operating revenue, broadly in line with last year but below broader economic growth targets, Fitch Ratings said in a... https://www.scmp.com/economy/china-economy/article/3343499/chinese-provinces-slash-revenue-outlook-analysts-warn-debt-control?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343499/chinese-provinces-slash-revenue-outlook-analysts-warn-debt-control?utm_source=rss_feed Fri, 13 Feb 2026 15:00:08 +0000 Ambrose Li Ambrose Li The loss-making authority that manages Hong Kong’s West Kowloon arts hub will sell bonds for the first time, aimed at raising up to US$1 billion to fund its operations. According to documents submitted to Hong Kong Exchanges and Clearing on Thursday, the West Kowloon Cultural District Authority appointed the Hongkong and Shanghai Banking Corporation and Standard Chartered Bank (Hong Kong) as arrangers for the medium-term note programme. This will mark the first time the authority, which manages... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3343373/hong-kongs-west-kowloon-arts-hub-seeks-us1-billion-first-bond-sale-fund-operations?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3343373/hong-kongs-west-kowloon-arts-hub-seeks-us1-billion-first-bond-sale-fund-operations?utm_source=rss_feed Thu, 12 Feb 2026 15:17:42 +0000 Yulu Ao Yulu Ao Hong Kong’s offshore yuan bond market is set for another strong year – as the yuan climbed to its strongest level in nearly three years – prompting bankers to forecast more deals in 2026. The city’s dim sum bond market, yuan-denominated notes issued outside mainland China, had evolved from a niche funding channel into a more mainstream financing option, as technology firms and global companies accessed a deeper pool of renminbi liquidity amid a firmer currency, bankers said. They added that the... https://www.scmp.com/business/china-business/article/3343282/yuan-rally-puts-fresh-steam-hong-kongs-dim-sum-bond-revival?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3343282/yuan-rally-puts-fresh-steam-hong-kongs-dim-sum-bond-revival?utm_source=rss_feed Thu, 12 Feb 2026 11:00:09 +0000 Cao Li Cao Li A growing number of Hong Kong-listed companies are tapping strong equity market sentiment to issue convertible bonds, a trend bankers expect to continue. Eleven companies raised US$7.4 billion through convertible bonds in the first five weeks of 2026, about 47 per cent of last year’s US$16 billion total, according to Dealogic. Tianqi Lithium, one of the world’s largest producers of lithium-ion battery materials, announced on Wednesday that it would raise about HK$5.9 billion (US$755 million)... https://www.scmp.com/business/article/3342844/hong-kong-firms-rush-issue-convertibles-and-trend-could-continue-bankers-say?utm_source=rss_feed https://www.scmp.com/business/article/3342844/hong-kong-firms-rush-issue-convertibles-and-trend-could-continue-bankers-say?utm_source=rss_feed Mon, 09 Feb 2026 02:30:14 +0000 Enoch Yiu Enoch Yiu Hong Kong needs to consider widening the Stock Connect schemes and step up promotion in Southeast Asia and the Middle East to attract more international firms to list in the city, according to a government think tank. Rocky Tung Yat-ngok, newly appointed executive director of the Financial Services Development Council, said that while Hong Kong has been a major listing venue for mainland firms, international companies remain a minority on the local bourse. The FSDC conducts ­studies and research... https://www.scmp.com/business/banking-finance/article/3342831/hong-kong-needs-more-global-listings-wider-stock-connect-strengthen-hub-role-fsdc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342831/hong-kong-needs-more-global-listings-wider-stock-connect-strengthen-hub-role-fsdc?utm_source=rss_feed Mon, 09 Feb 2026 00:00:15 +0000 Cao Li Cao Li Leading Chinese broker Huatai Securities plans to raise up to HK$10 billion (US$1.3 billion) through the issuance of zero-coupon convertible bonds to support its international expansion, according to a Hong Kong stock exchange filing on Tuesday. The company expects net proceeds of about HK$9.9 billion after commissions and expenses, with the funds earmarked for overseas business development and to bolster working capital. The bonds will carry no interest and mature in February 2027. Investors... https://www.scmp.com/business/article/3342184/chinas-huatai-securities-raise-us13-billion-fund-overseas-push?utm_source=rss_feed https://www.scmp.com/business/article/3342184/chinas-huatai-securities-raise-us13-billion-fund-overseas-push?utm_source=rss_feed Tue, 03 Feb 2026 04:02:24 +0000 SCMP Editorial SCMP Editorial Green bonds are key to climate finance. Hong Kong companies have been somewhat slow to take up environmental, social and corporate governance (ESG). The MTR Corporation, Hong Kong’s citywide rail operator, is something of a pioneer. It first set up a green bond framework about a decade ago to determine how best to issue such bonds and use the proceeds to invest in sustainable projects and facilities. Since then, it has periodically issued green bonds, usually in the local currency. However, its... https://www.scmp.com/opinion/comment/article/3342054/mtrs-embrace-green-bonds-example-other-hong-kong-firms?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3342054/mtrs-embrace-green-bonds-example-other-hong-kong-firms?utm_source=rss_feed Mon, 02 Feb 2026 22:45:08 +0000 Aileen Chuang Aileen Chuang China’s yuan is gaining traction as a go-to fundraising currency for companies expanding overseas, bolstered by favourable conditions, including a larger central-bank quota that offers cheaper, stable funding in Hong Kong, according to market participants. The mainland currency’s renewed momentum comes amid its recent appreciation, a broader shift away from US assets and the decision by Beijing and Hong Kong authorities to double the RMB Business Facility (RBF) to 200 billion yuan (US$28.8... https://www.scmp.com/business/banking-finance/article/3341981/yuan-finds-footing-corporate-finance-bolstering-beijings-internationalisation-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341981/yuan-finds-footing-corporate-finance-bolstering-beijings-internationalisation-push?utm_source=rss_feed Sun, 01 Feb 2026 09:00:09 +0000 Anthony Rowley Anthony Rowley Compared with the turmoil threatened by US President Donald Trump’s actions in everything from geopolitics to trade, the outcome of Japan’s parliamentary lower house election, set for February 8, may seem like small beer. Yet it could presage a great upheaval in global finance. The election outcome is widely expected to strengthen the political power base of the fiscally expansionist Japanese prime minister, Sanae Takaichi, and increase borrowing when government debt almost everywhere is already... https://www.scmp.com/opinion/asia-opinion/article/3341741/how-one-election-japan-could-upend-bond-markets-and-global-finance?utm_source=rss_feed https://www.scmp.com/opinion/asia-opinion/article/3341741/how-one-election-japan-could-upend-bond-markets-and-global-finance?utm_source=rss_feed Sat, 31 Jan 2026 08:30:07 +0000 Enoch Yiu Enoch Yiu The UK and China are considering a new cross-border asset-management link and upgrades to their existing stock connect scheme, as both sides seek closer capital-market cooperation, according to Ashley Alder, chairman of the UK’s Financial Conduct Authority (FCA). “We are looking at enhancing market connectivity between China and the UK, particularly by building on the stock connect with Shanghai and Shenzhen,” Alder said. “In addition, we are exploring other areas of cooperation, such as asset... https://www.scmp.com/business/banking-finance/article/3341772/uk-and-china-weigh-cross-border-asset-management-scheme-deepen-market-ties?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341772/uk-and-china-weigh-cross-border-asset-management-scheme-deepen-market-ties?utm_source=rss_feed Fri, 30 Jan 2026 04:30:10 +0000 Enoch Yiu Enoch Yiu The Exchange Fund posted its best annual gain since the Hong Kong Monetary Authority (HKMA) was set up in 1993, as solid stock and bond market returns boosted the city’s financial war chest used to defend the local currency. The Exchange Fund’s full-year earnings for 2025 jumped 51 per cent to HK$331 billion (US$42 billion), compared with HK$218.8 billion in 2024, the HKMA said on Wednesday. The returns surpassed the previous record of HK$264 billion set in 2017. “Overall, the global financial... https://www.scmp.com/business/banking-finance/article/3341540/exchange-fund-reports-record-earnings-2025?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341540/exchange-fund-reports-record-earnings-2025?utm_source=rss_feed Wed, 28 Jan 2026 08:50:25 +0000 Aileen Chuang Aileen Chuang The sudden appreciation of the Japanese yen has intensified risk-off sentiment among investors, as concerns over elevated bond yields, policy uncertainty and credit risks in the world’s fifth-largest economy weigh on market confidence, according to analysts. The yen rose to a two-month high on Monday, hitting 153.61 per US dollar as of 5.30pm as speculation surged that US and Japanese authorities could intervene to prop up the currency. It was last at a similar level on November 6, when it... https://www.scmp.com/business/markets/article/3341275/spiking-yen-fuels-risk-averse-mood-investors-take-defensive-stance?utm_source=rss_feed https://www.scmp.com/business/markets/article/3341275/spiking-yen-fuels-risk-averse-mood-investors-take-defensive-stance?utm_source=rss_feed Mon, 26 Jan 2026 11:00:12 +0000 Anthony Rowley Anthony Rowley Some weighty themes were addressed at the World Economic Forum in Davos, from the apparent return of the Monroe Doctrine and US “manifest destiny” in geopolitics, to a replay of the 19th-century “Great Game” among competing nations elsewhere. But one critical issue that did not receive sufficient attention was the prospect of a global financial system crisis undermining such monumental assumptions. These annual gatherings of the supposedly great and good, from national leaders to business barons... https://www.scmp.com/opinion/world-opinion/article/3340902/distracted-davos-leaders-are-ignoring-one-critical-issue?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3340902/distracted-davos-leaders-are-ignoring-one-critical-issue?utm_source=rss_feed Sat, 24 Jan 2026 08:30:12 +0000 Aileen Chuang Aileen Chuang A sudden spike in volatility in Japanese government bonds (JGBs) – long seen as among the world’s safest assets – is stoking concern that risk aversion is rippling through Asian markets across asset classes, according to analysts. Investors have repriced the term and risk premiums on JGBs as fiscal worries that started simmering last year have flared again after Prime Minister Sanae Takaichi pledged tax cuts and higher spending. The 40-year bond yield rose above 4 per cent on Tuesday, the... https://www.scmp.com/business/commodities/article/3340667/japan-bond-volatility-raises-contagion-alarm-asias-stocks-and-debt?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3340667/japan-bond-volatility-raises-contagion-alarm-asias-stocks-and-debt?utm_source=rss_feed Wed, 21 Jan 2026 07:11:50 +0000 Aileen Chuang Aileen Chuang Hong Kong’s local currency and offshore yuan bonds are expected to maintain their growth momentum in 2026, driven by deepened market benchmarks and demand, according to a senior banker. The broader Asian bond market, excluding Japan, has had a busy start to 2026, with high-profile issuances in Hong Kong dollars and offshore yuan leading the way, riding on last year’s record volumes. On Friday, Kuaishou Technology sold a 3.5 billion yuan (US$502 million) five-year note – known as a dim sum bond –... https://www.scmp.com/business/banking-finance/article/3340322/hong-kong-dollar-and-yuan-bonds-forecast-sustain-record-growth-momentum-2026?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340322/hong-kong-dollar-and-yuan-bonds-forecast-sustain-record-growth-momentum-2026?utm_source=rss_feed Mon, 19 Jan 2026 01:30:14 +0000 Xinyi Wu Xinyi Wu China trimmed its holdings of US Treasuries in November to the lowest level since 2008, diverging from a global trend that saw total foreign ownership of the debt instruments hit a record high. Analysts say the prospect of a politicised Federal Reserve chairmanship under Donald Trump’s presidency has deepened Beijing’s concerns over its exposure to American debt, with more cuts expected. Beijing’s stockpile fell to US$682.6 billion in November, down from US$688.7 billion in October, according to... https://www.scmp.com/economy/global-economy/article/3340164/china-dumps-more-us-debt-buys-other-assets-trump-targets-powell?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3340164/china-dumps-more-us-debt-buys-other-assets-trump-targets-powell?utm_source=rss_feed Fri, 16 Jan 2026 13:00:09 +0000 Zhang Shidong,Cao Li Zhang Shidong,Cao Li Kuaishou Technology plans to raise a combined US$2 billion from a dual-currency bond sale as the short-video platform operator taps the overseas debt market for the first time to strengthen its businesses. The company would issue a US$1.5 billion tranche and a 3.5 billion yuan (US$502.4 million) tranche, both in Hong Kong, according to an exchange filing on Friday. The dollar bonds maturing in January 2031 will carry a coupon of 4.125 per cent, while those due in January 2036 will carry a 4.75... https://www.scmp.com/business/china-business/article/3340083/hong-kongs-kuaishou-raise-us2-billion-dual-currency-bond-sale?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3340083/hong-kongs-kuaishou-raise-us2-billion-dual-currency-bond-sale?utm_source=rss_feed Fri, 16 Jan 2026 01:57:15 +0000 Zhu Wenqian Zhu Wenqian Distressed Chinese property developer Vanke’s potential debt restructuring constitutes a one-off, technical default, and was not likely to result in contagion effects, according to an HSBC report. The leading mainland developer before it got caught up in the property crisis, Vanke has not yet registered a material default on its domestic bonds. However, two of its key medium-term notes have entered grace periods, and S&P downgraded the company’s long-term issuer credit rating from “CCC-” to “SD”... https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed Tue, 13 Jan 2026 00:30:10 +0000 Oscar Liu,Leopold Chen Oscar Liu,Leopold Chen Hong Kong’s heavy investment in public works will keep its capital account at a deficit, highlighting the need for bond issuances to fund critical infrastructure and long-term development, the finance chief has said. Financial Secretary Paul Chan Mo-po also revealed on Sunday that the next annual budget would be delivered on February 25. Looking at the current budget, he said that core spending on education, healthcare and social welfare accounted for nearly 60 per cent, even as higher stamp... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3339489/hong-kong-must-issue-bonds-public-works-drive-capital-account-deficit-paul-chan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3339489/hong-kong-must-issue-bonds-public-works-drive-capital-account-deficit-paul-chan?utm_source=rss_feed Sun, 11 Jan 2026 09:12:16 +0000 Themis Qi Themis Qi Chinese financial institutions raised over US$10 billion last year to fund their overseas expansion and boost the yuan’s internationalisation in line with Beijing’s go-global push, with the trend continuing this year. GF Securities is raising HK$6.12 billion (US$780 million) from the placement of over HK$3.97 billion worth of new shares and HK$2.15 billion from zero-coupon convertible bonds. The Guangzhou-headquartered brokerage planned to use the proceeds to inject capital into its offshore... https://www.scmp.com/business/banking-finance/article/3339192/chinese-financial-firms-press-debt-issuance-fund-overseas-expansion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339192/chinese-financial-firms-press-debt-issuance-fund-overseas-expansion?utm_source=rss_feed Thu, 08 Jan 2026 23:30:07 +0000 Cao Li Cao Li Offshore bondholders of distressed developer China Vanke could face near-total losses in a worst-case scenario, according to Barclays, underscoring the deepening risks in mainland China’s property sector. In a base-case scenario, bondholders may recover just 10.1 per cent of what they were owed, roughly half what already deeply distressed market prices suggested, the British bank said in a report. However, in a worst-case scenario, assuming lower proceeds from onshore assets and netting out... https://www.scmp.com/business/article/3339084/china-vanke-offshore-bondholders-face-near-wipeout-barclays-worst-case-scenario?utm_source=rss_feed https://www.scmp.com/business/article/3339084/china-vanke-offshore-bondholders-face-near-wipeout-barclays-worst-case-scenario?utm_source=rss_feed Wed, 07 Jan 2026 23:30:09 +0000 Aileen Chuang Aileen Chuang More Chinese and local issuers could tap Dubai to list debt and equity securities, signalling confidence in the Chinese economy and the deepening economic corridor between China and the Middle East, according to the CEO of Dubai Financial Services Authority (DFSA). The momentum would build on Emirates NBD Bank’s recent offshore yuan bond of 1 billion yuan (US$143 million), listed on Nasdaq Dubai, marking the lender’s return to the dim sum bond market and enabling global investors to access... https://www.scmp.com/business/banking-finance/article/3338120/more-issuers-turn-dubai-listings-yuan-bonds-gain-traction-middle-east?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3338120/more-issuers-turn-dubai-listings-yuan-bonds-gain-traction-middle-east?utm_source=rss_feed Sat, 03 Jan 2026 01:30:10 +0000 Enoch Yiu Enoch Yiu Hong Kong is expected to see a rise in bond issuance across multiple currencies in 2026, driven by rising demand for non-US dollar assets amid geopolitical tensions and government initiatives to strengthen the city’s capital markets, according to industry players. As part of efforts to promote the local bond market, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) launched a blueprint in September to expand yuan-linked products and widen the investor base... https://www.scmp.com/business/banking-finance/article/3337865/hong-kong-bond-markets-yuan-issuance-expand-2026-under-hkma-sfc-road-map?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337865/hong-kong-bond-markets-yuan-issuance-expand-2026-under-hkma-sfc-road-map?utm_source=rss_feed Mon, 29 Dec 2025 00:30:11 +0000 Nicholas Spiro Nicholas Spiro As 2025 draws to a close, Wall Street’s love affair with Chinese equities is in full swing. While the relationship between global investors and China has been a rocky one, market sentiment is now about varying degrees of bullishness. In a panel discussion moderated by JPMorgan at the annual meeting of the Emerging Markets Trading Association earlier this month, some of the speakers said China’s stock market had undergone a shift from “uninvestable” to “irresistible”, especially in the... https://www.scmp.com/opinion/china-opinion/article/3337436/has-chinas-stock-market-gone-uninvestable-irresistible?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3337436/has-chinas-stock-market-gone-uninvestable-irresistible?utm_source=rss_feed Thu, 25 Dec 2025 21:30:08 +0000 Bloomberg Bloomberg China Vanke, once the mainland’s biggest developer before it succumbed to an unprecedented property crisis, won last-minute support from creditors to extend a bond grace period in a reprieve that helps it avoid default, at least for now. Holders of Vanke’s 2 billion yuan (US$284 million) note voted in favour of a proposal to extend the grace period to January 28, according to a filing to Chinamoney.com on Monday. The company did not pay the security by its December 15 maturity, which left it in... https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed Tue, 23 Dec 2025 01:28:24 +0000 Yulu Ao Yulu Ao China Vanke’s senior executives have no plans to reduce their personal shareholdings, according to the distressed mainland developer, which is seeking to extend the repayment of its onshore debt to avoid a default. The Shenzhen-listed developer on Thursday was responding to queries from investors on the exchange’s interactive platform, saying it had not received any notification from the executives regarding stake sale plans. Under the exchange’s rules, senior management were required to... https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed Fri, 19 Dec 2025 11:15:10 +0000 Zhu Wenqian,Aileen Chuang Zhu Wenqian,Aileen Chuang Distressed mainland developer China Vanke has unveiled a revised bond extension proposal, seeking approval from creditors after its initial three payment extension bids were rejected, a development that has fuelled concerns about the crisis-hit property sector. Holders of the 2 billion yuan (US$366 million) bond – which matured on Monday – would vote on the revised plan from Thursday to Monday, according to a filing to the Shanghai Clearing House on Tuesday. The proposal needs to secure the... https://www.scmp.com/business/banking-finance/article/3336719/china-vanke-unveils-fresh-proposal-extend-us366-million-bond-after-3-failed-bids?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336719/china-vanke-unveils-fresh-proposal-extend-us366-million-bond-after-3-failed-bids?utm_source=rss_feed Wed, 17 Dec 2025 05:16:58 +0000 Reuters Reuters China Vanke failed to secure bondholder approval to extend by one year a bond payment due on Monday, a filing showed, increasing the risk of default for the developer and renewing concerns about the crisis-hit property sector. The setback for state-backed Vanke, one of China’s highest-profile developers with projects in major cities, renews concerns about the property sector, where some of the country’s best-known developers have defaulted in recent years. The rejection in a three-day vote that... https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed Sun, 14 Dec 2025 09:00:12 +0000 Anthony Rowley Anthony Rowley People love to hate governments, and they loathe having to pay taxes. However, from now on, we’ll have to embrace more state intervention and the need for higher taxes or else legislate a more dirigiste system of directing personal savings into investment that isn’t so dependent on markets. This can be either done preemptively or in response to the next financial crisis. It goes without saying that the former course of action is surely preferable to the trauma that will be experienced in the... https://www.scmp.com/opinion/world-opinion/article/3336062/climate-change-health-global-problems-need-investors-step?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3336062/climate-change-health-global-problems-need-investors-step?utm_source=rss_feed Sat, 13 Dec 2025 08:30:08 +0000 John Haffner,Jenny Lee,Lisa Sachs John Haffner,Jenny Lee,Lisa Sachs For decades, New York and London have defined the flow of global capital. But while markets still chase short-term returns in US equities, the next great wave of productive investment is taking shape in East Asia, led by China’s financing, manufacturing and export of the clean technologies that are remaking the global economy. That contrast has only widened. As the United States retreats from climate leadership, China has doubled down. A day after US President Donald Trump called climate change... https://www.scmp.com/opinion/china-opinion/article/3334872/how-hong-kong-can-distinguish-itself-climate-finance-hub?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3334872/how-hong-kong-can-distinguish-itself-climate-finance-hub?utm_source=rss_feed Tue, 09 Dec 2025 01:30:09 +0000 Anthony Rowley Anthony Rowley Stock prices are nervously high, bond and real estate prices are under downward pressure, cryptocurrency assets have sustained falls and global debt is at record levels. One common factor behind these coinciding and worrying trends is that much of the world is living on excess credit. Payment is now due. Another is how markets have bloated as financial systems fail to properly channel savings into good investments. This all suggests the coming correction in financial markets will be more... https://www.scmp.com/opinion/world-opinion/article/3335270/inflated-asset-prices-show-markets-dont-always-know-best?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3335270/inflated-asset-prices-show-markets-dont-always-know-best?utm_source=rss_feed Sat, 06 Dec 2025 08:30:09 +0000 Cao Li Cao Li Country Garden Holdings has cleared a major hurdle this week after securing approval for both its onshore and offshore restructuring plans, offering the embattled developer a lifeline amid mainland China’s property downturn. Sources said the Hong Kong High Court on Thursday endorsed a proposal allowing the indebted developer, once the country’s largest homebuilder by sales, to extend repayment of US$17.7 billion in offshore debt. The creditors now have the option to swap their debt for shares,... https://www.scmp.com/business/article/3335326/mainland-chinese-developer-country-garden-gets-hong-kong-court-backed-debt-lifeline?utm_source=rss_feed https://www.scmp.com/business/article/3335326/mainland-chinese-developer-country-garden-gets-hong-kong-court-backed-debt-lifeline?utm_source=rss_feed Fri, 05 Dec 2025 08:00:58 +0000 Bloomberg Bloomberg China’s crackdown on borrowing by local governments is forcing state-run entities in even some of the wealthiest provinces to tap costly credit from non-bank lenders, a stopgap that is increasing risk in an opaque corner of the financial system. The borrowing marks a return of China’s shadow-banking market, which is more loosely regulated than traditional lenders and had been reined in over the past few years in a bid to reduce risk. Since September, industrial investment arms and financing... https://www.scmp.com/business/banking-finance/article/3335311/chinas-risky-shadow-banks-back-spotlight-after-beijings-debt-crackdown?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3335311/chinas-risky-shadow-banks-back-spotlight-after-beijings-debt-crackdown?utm_source=rss_feed Fri, 05 Dec 2025 06:57:34 +0000 Ma Jun,Sean Kidney Ma Jun,Sean Kidney As the United States renounces its climate commitments, a chain reaction of wavering pledges and scaled-back investments by other donors and multilateral institutions has followed. This trend raises the stakes for everyone else, underscoring the urgency of closing the financing gap for climate adaptation and mitigation in the developing world. Fortunately, China has increasingly been projecting itself as a source of alternative, low-cost funding for climate and sustainability projects across the... https://www.scmp.com/opinion/china-opinion/article/3334996/how-yuan-internationalisation-helping-close-climate-finance-gap?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3334996/how-yuan-internationalisation-helping-close-climate-finance-gap?utm_source=rss_feed Wed, 03 Dec 2025 12:30:10 +0000 Bloomberg Bloomberg Russia is inching closer to its first yuan-denominated sovereign bond sale, aiding China’s push to raise the global standing of its currency. Russia’s Finance Ministry will start taking orders on December 2 for the two-part, domestically traded notes. The borrower was expected to market the new debt with a targeted coupon of 6.25 to 6.5 per cent for a 3.2-year tranche, the Interfax news agency reported, adding that the coupon for a 7.5-year portion would be capped at 7.5 per cent. Running a... https://www.scmp.com/business/banking-finance/article/3334758/chinas-currency-push-gains-ground-russia-nears-issuance-yuan-bond?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334758/chinas-currency-push-gains-ground-russia-nears-issuance-yuan-bond?utm_source=rss_feed Mon, 01 Dec 2025 08:41:50 +0000 Aileen Chuang Aileen Chuang Hong Kong dollar bond issuance is poised to expand, following a record run of offerings, as easing local interest rates attract more issuers while a global diversification trend persists, according to analysts. Total issuance in the city’s currency reached a record HK$331 billion (US$42.6 billion) so far this year, nearly 37 per cent higher than 2024’s full-year total of HK$242 billion. “The Hong Kong dollar bond market will continue to grow over the long term, supported by structural shifts,”... https://www.scmp.com/business/banking-finance/article/3334467/surge-hong-kong-dollar-bonds-continue-after-record-us42-billion-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334467/surge-hong-kong-dollar-bonds-continue-after-record-us42-billion-year?utm_source=rss_feed Fri, 28 Nov 2025 05:35:52 +0000 Zhang Shidong Zhang Shidong China’s bond market is set to gain further momentum, buoyed by the central bank’s resumption of government debt purchases, as softer economic data and downward pressure on growth necessitate further policy easing, according to analysts. Huayuan Securities forecast that the upward trend was likely to drive the yield on China’s benchmark 10-year sovereign bond down to 1.65 per cent within this year. Southwest Securities predicted a drop to 1.7 per cent. The yield currently stands at 1.808 per... https://www.scmp.com/business/china-business/article/3333369/chinas-bond-market-gains-central-bank-resumes-debt-purchases-amid-growth-concerns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3333369/chinas-bond-market-gains-central-bank-resumes-debt-purchases-amid-growth-concerns?utm_source=rss_feed Wed, 19 Nov 2025 23:30:10 +0000 Aileen Chuang Aileen Chuang China’s €4 billion (US$4.6 billion) euro-denominated bond sale has drawn record demand, highlighting robust investor confidence in its sovereign assets amid a global shift towards diversification. International and regional investors placed €100.1 billion in orders for the offering – 25 times the fundraising target – China’s Ministry of Finance said in a statement on Wednesday. The seven-year tranche, issued alongside an equal-sized four-year tranche, attracted demand 26.5 times its allocation,... https://www.scmp.com/business/banking-finance/article/3333441/chinas-euro-bond-sale-sees-record-demand-signals-strong-investor-confidence?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333441/chinas-euro-bond-sale-sees-record-demand-signals-strong-investor-confidence?utm_source=rss_feed Wed, 19 Nov 2025 12:53:25 +0000 Luna Sun Luna Sun The Japanese yen slid to a nine-month low against the US dollar, breaching a closely watched threshold of 155 amid domestic policy uncertainties, fading expectations of a Federal Reserve rate cut in December, and amplified China-Japan tensions over Taiwan. The yen’s exchange rate briefly weakened beyond 155.3 to the dollar on Tuesday before improving slightly, while broader markets also came under pressure. Stocks slumped, bonds were sold off, and long-term yields jumped to multi-decade highs,... https://www.scmp.com/economy/global-economy/article/3333268/japan-yen-slips-past-155-us-dollar-fiscal-doubts-china-spat-sap-investor-confidence?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3333268/japan-yen-slips-past-155-us-dollar-fiscal-doubts-china-spat-sap-investor-confidence?utm_source=rss_feed Tue, 18 Nov 2025 09:43:39 +0000