TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
A view of the Jinan Huanggang Road Yellow River Crossing Tunnel, which is under construction in Jinan city, Shandong province, on March 4, 2025. Photo: Xinhua
Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

Banking & finance

Opinion | How yuan internationalisation is helping to close the climate finance gap

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Currencies

China’s currency push gains ground as Russia nears issuance of yuan bond

Banking & finance

Hong Kong dollar bonds to continue surge after record US$42 billion year

City’s deep, liquid market and low inflation attract issuers amid a structural shift away from the US dollar, analysts say.

A view of Central and Victoria Harbour on November 26, 2024. Photo: AFP
China economy

Weak growth outlook fuels China’s bond market recovery, analysts say

Concerns about inflated valuations of technology stocks are also driving investors towards bonds.

Ministry of Finance (China)

China’s euro bond sale sees record demand, signals strong investor confidence

Oversubscribed issuance reflects confidence in Beijing’s assets as investors seek rare Asian sovereign exposure, industry players say.

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Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

Growth in China’s tech stocks just getting started: JPMorgan banker

‘Investors hold a lean-forward sentiment because they are underexposed in their portfolios to AI trends in China,’ Mark Fiteny says.

Banking & finance

Editorial | Hong Kong breaks new fintech ground with tokenised green bond

Hong Kong is positioning itself to connect conventional finance with fintech while developing into a global hub for sustainable financing.

US-listed Chinese stocks

US funds tread carefully on China as Oaktree and Appaloosa adjust bets

Oaktree exits KE Holdings, billionaire David Tepper’s Appaloosa boosts Baidu stake and Bridgewater stays away from China in third quarter.

Oaktree Capital, founded by notable investor Howard Marks, has sold all of its 1.5 million shares valued at US$26.8 million in KE Holdings, a Chinese online property platform. Photo: Bloomberg
Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund gains record US$35 billion in first 9 months

The nine-month return surpasses last year’s record of HK$239.1 billion and exceeds the full-year high of HK$264 billion reached in 2017.

Various factors such as central bank monetary policies and the fervour around the artificial intelligence industry were generally positive to the investment environment, says Eddie Yue. Photo: Edmond So
Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

Banking & finance

Hong Kong extends digital bond ambitions with third offering

Government looking to sell digital green bonds denominated in US dollars, Hong Kong dollars, euros and offshore yuan, sources say.

Banking & finance

Opinion | As markets grow more fragile, matter of time before the bubble bursts

The news and stories that move markets could well be a leading indicator of when markets fail.

The floor of the New York Stock Exchange on September 10. Photo: AP
United States

Beijing’s US$4 billion bond sale tests economic outlook after trade truce

Strong response to sovereign notes signals renewed global investor confidence amid de-escalation, open policies, HSBC banker says.

People ride bicycles along a street in Beijing’s business district on April 16, 2024. Photo: AFP
Banking & finance

Beijing backs Hong Kong as global hub with new financial measures

At the Global Financial Leaders’ Summit, Chinese officials vow to strengthen Hong Kong’s international financial centre status.

New World Development

New World Development offers US$1.9 billion debt swap to boost liquidity

The Hong Kong-listed developer will raise up to US$1.6 billion in new perpetual securities and around US$300 million in fresh notes.

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Hong Kong

Hong Kong dollar bond sales slump amid elevated interest rates

Bond sales in the local currency fell about 30 per cent month on month to HK$357.7 billion (US$46 billion) in October.

Bond sales in Hong Kong fell as Hibor remained elevated after hitting a four-month high in late September. Photo: Getty Images
Hong Kong economy

Hong Kong open to issuing Islamic bonds to fund Northern Metropolis: Paul Chan

Finance chief’s delegation to Saudi Arabia also yields five memorandums of understanding, with big focus on technology sector.

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Meituan

China’s Meituan eyes US$3 billion from bond issue as competition heats up

Meituan’s dual-currency bond offering consists of US$1.99 billion in greenback-denominated notes and US$1 billion in yuan-based securities.

Banking & finance

Exclusive | Property credit quality issues manageable for Hong Kong banks: HKMA’s Eddie Yue

The banking sector next year has more opportunities than challenges, HKMA’s chief executive says.

HKMA chief executive Eddie Yue says Hong Kong’s banking sector has a strong capital ratio and is very profitable. Photo: Edmond So
China property

Chinese developer’s property management arm hit by share seizure in Hong Kong

More than 72 per cent of Redsun Services Group’s shares are seized as Chinese developer’s debt woes deepen after defaulting on a pledge.

The seizure has “no significant impact” on the business operation, financial conditions and solvency of the company, according to Redsun Services Group. Photo: Handout
Hong Kong property

Hong Kong’s NWD denies scramble to manage debt, secure financing

The developer, which has been battling liquidity problems for the past three years, makes a statement in response to media reports.

Fintech

Fintech can supercharge Hong Kong as financial hub: Broadridge CEO

Technology for applications like proxy voting and private debt can strengthen ties with mainland China, rest of world, Tim Gokey says.

China property

China’s property market poised to decline at least through 2026: S&P analyst

Nationwide primary property sales are expected to fall 8 per cent in 2025 and between 6 to 7 per cent in 2026.

A man rides a scooter past a housing complex by Chinese property developer Country Garden Holdings in Tianjin, northern China. Photo: AFP
Banking & finance

Hong Kong poised for greater role in Islamic finance, secretary says

Bankers, Paul Chan say city can connect Middle Eastern capital with China by issuing sukuk, other sharia-compliant instruments.

Financial Secretary Paul Chan Mo-po (centre) attends a summit on Islamic finance at United Centre in Admiralty on October 13, 2025. Photo: Sam Tsang
China property

Embattled Chinese property developer replaces chairman as debt pressures mount

News of a leadership change boosts bonds of China Vanke, which had nearly US$90 billion in liabilities as of September.

Hong Kong stock market

Exclusive | Hong Kong as good as Wall Street for Chinese tech firms, Goldman Sachs banker says

With its lower costs, growing liquidity, favourable policies and proximity, city’s market has clear advantages over the US, Jacky Leung says.

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