Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
Strong bond market drives rebound by war chest that helps defend Hong Kong dollar and hopes are high it will continue.
In the wake of its own extreme weather events, the city can put its unique business advantages to work by helping both the Earth and corporate bottom lines.
The world’s largest emitter of greenhouse gases must accelerate environmentally friendly projects if it is to transition to a low carbon economy, and this provides an opportunity for Hong Kong, says UN resident coordinator in China.
Asian bonds nearing distressed territory have almost doubled since mid-2021 mainly due to China’s property sector which is facing economic and liquidity challenges, according to a Morningstar report.
Known for his critical assessments of China’s economy, Yu says there is ‘very big room’ for more expansionary fiscal policies, and time is of the essence in adopting them – or bigger risks could emerge.
Wanda Properties International is looking to extend the maturity date of a US$600 million bond due in January by almost a year to December 2024, according to a filing with the Hong Kong stock exchange.
The default rate will hit 35 per cent amid weak property sales in 2024 after reaching 42.2 per cent so far in 2023, the investment bank says.
China’s government bonds are set to rally further in 2024, extending their three-year bull run, and yields may hit new lows amid growing expectations the government will loosen monetary policy to spur growth, luring back foreign investors, analysts say.
The war chest used to defend Hong Kong’s currency posted a third quarter loss but still reported strong returns in the first nine months of 2023 as robust performance in the bond market offset losses in stocks.
Officials from ICBC are in the US to limit fallout from the ransomware attack. While they have sought to calm markets, one question remained unanswered: when will the stricken systems start functioning again?
Impact of China’s ‘one-off’ 1 trillion yuan (US$137 billion) issuance of sovereign bonds is set to wear off, with tapering expected as the property market, youth unemployment and local government debts slow growth.
Ministry of Finance says audits show state-owned banks and local-level governments across various regions skirted regulations with improper lending practices that resulted in growing piles of so-called hidden debt.
China’s central financial work conference vowed to set up a long-term mechanism to resolve debt risks on Tuesday after Beijing’s fiscal revision and treasury bond approval last week, as analysts say the recent moves do not address the source of the problems.
Evergrande has proposed a new debt revamp plan for offshore bondholders, offering to swap their debts into about a 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries, two sources say.
Subsidiary Fantasia Group (China) will cooperate with Blue Green Shuangcheng under a ‘co-construction’ model, which will see them work together on implementing a range of measures to revive the group.
National People’s Congress ratifies plan to raise China’s budget deficit ratio, approving 1 trillion yuan (US$137 billion) of sovereign bonds and allowing local governments to front-load part of their 2024 bond quota.
Chinese developer Country Garden Holdings was deemed to be in default on a dollar bond for the first time ever, and the company is now likely headed for what would be one of the nation’s biggest-ever restructurings.
The positive impact of mainland China’s property stimulus measures is likely to be short-lived, with home sales remaining sluggish for at least the next six months, according to the credit ratings agency.
A market participant has made a move to push for a payout on credit default swaps tied to Country Garden Holdings. The Chinese developer missed a bond coupon payment last week, triggering a credit event.
The HKMA and the NDRC have signed an agreement to support Chinese companies issuing bonds in Hong Kong and promote cross-border financing activities.
The possibility of Beijing launching additional fiscal stimulus has likely weakened for the rest of the year, providing a reprieve to the bond market that has endured sell-offs over the past two months, fund managers say.
Local governments in China are planning to issue special bonds to fund urban renewal projects and affordable housing, the latest in a series of moves made by municipalities to boost growth and turn the tide in a slumping economy.
The hits could keep coming for local government coffers across China as debt-repayment pressure mounts after years of hefty spending on low-return infrastructure projects.
Standing Committee of China national legislature will meet on Friday to discuss a bill to approve front-loading the 2024 bond allocation as provincial and municipal authorities struggle to raise funds.
Yeung Kwok-keung’s visit to a Guangdong construction site comes as the sector’s embattled companies and their billionaire bosses strive to show their dedication to delivering housing and clearing debts amid what is seen as heightened government scrutiny.
Sino-Ocean plans to seek creditors’ approval to extend interest payment on an onshore bond due October 19, but it would pay interest on an offshore bond due October 26.