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Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
Serious flooding in Chai Wan during the black rainstorm on September 8, 2023. Photo: Dickson Lee
Insurance

Hong Kong aims to attract catastrophe bond issuers, investors with incentives

Issuers, including World Bank and Peak Re, have raised US$800 million since Hong Kong implemented a new regulatory regime in 2021.

US-China trade war

Macroscope | Why Asia’s savings glut is back in spotlight amid Trump’s trade war

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Mandatory Provident Fund (MPF)

MPF fund managers told to gird for US holdings after Moody’s cut

US-China trade war

Macroscope | Money talks and Trump should pay attention to Asia’s bond markets

Asia’s local currency bond markets are worth US$25 trillion. The belief that the world can’t do without US capital markets is misplaced.

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US President Donald Trump is seen on a television screen while a trader works on the floor of the New York Stock Exchange in New York on May 12. Photo: EPA-EFE
US-ally trade wars

Macroscope | In US bonds, China and Japan have the most fearsome weapon against Trump

The increased vulnerability of US markets gives foreign holders of US Treasury bonds more leverage in trade negotiations with Washington.

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Alibaba

Alibaba lands US$250 million convertible bonds deal with selfie app giant Meitu

The strategic collaboration is expected to serve as ‘the foundation of a long-term partnership’ between Meitu and Alibaba.

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Banking & finance

Moody’s downgrade, US debt fears revive mini ‘sell America’ trade

Rating downgrade risks reinforcing Wall Street’s growing worries over the US sovereign bond market.

Traders on the floor of the New York Stock Exchange. Photo: Getty Images via AFP
United States

Macroscope | No, stock markets are not a barometer of the world’s economic health

Markets have largely returned to calm after the US-China trade truce but all is not as it seems.

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Banking & finance

Swap Connect: enhancements in store to boost hedging tools, bond market appeal

Tenor of interest-rate swap contracts to be extended to 30 years, while contracts referencing the onshore loan prime rate will also be introduced.

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China property

Debt-laden China Vanke gets US$215 million loan from state-owned stakeholder

Loan comes as developer faces US$3.4 billion in debt obligations this year.

A residential complex being built by Chinese developer China Vanke is seen in Nanjing, in China’s eastern Jiangsu province, on February 13, 2025. Photo: AFP
United States

Opinion | Mar-a-Lago Accord a high-stakes gamble on world’s trust in US dollar

A scheme to devalue the dollar proposed by one of the US president’s economic advisers should alarm both Americans and the wider world.

A clerk sorts US dollar banknotes at a bank in Seoul, South Korea, on April 15. Photo: EPA-EFE
United States

Outside In | Uncertainty unleashed by Trump 2.0 will exact a high price

Companies and countries alike are seeing hedging costs hit the roof amid a loss of trust and certainty in the US, the dollar and Treasuries.

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Banking & finance

Macroscope | Is the ‘Trump shock’ the end of dollar hegemony?

A bear market for the US dollar is overdue but that doesn’t mean the dominant reserve currency should – or could – be replaced any time soon.

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Banking & finance

Opinion | As markets recover from Trump tariff shock, how long will new normal last?

While calm may have been restored for now, the fact is that Trump’s flip-flops have caused fundamental damage to the global economy.

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A trader works on the New York Stock Exchange floor on April 9, as stocks surge amid news of delayed tariffs. Photo: AFP
Insurance

Peak Re sells US$50 million of catastrophe bonds in boost for Hong Kong market

The latest sale is the seventh since the market launch in 2021, expanding the pool of catastrophe bonds to US$800 million.

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A man walks past a damaged building in Mandalay, Myanmar on April 13, 2025, following the devastating March earthquake. Photo: AFP
China property

Hong Kong court grants Sunac until August to finalise restructuring plan

Sunac’s financial adviser told creditors last week that the firm expects to complete its restructuring by the end of 2025 or early next year.

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Banking & finance

Macroscope | A world economy on the brink could use some win-win cooperation

With a global financial crisis looming, governments are left with few options beyond bracing for what’s to come and working together.

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Banking & finance

Sales of keepwell bonds to shrink after ‘epic, unproductive’ court fight: S&P

A PUFG case comes up short in a test of the keepwell structure’s ability to address subordination risk in a default, S&P says.

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Peking University Founder Group, the business arm of one of China’s prestigious colleges. Photo: Weibo
US-ally trade wars

US Treasuries remain top haven asset despite tariffs, volatility, analysts say

US Treasuries’ performance fell 2.4 per cent in the week to April 11, the most for a five-day period since 2001.

United States

Macroscope | IMF’s tariff warnings may be too little, too late

The Trump administration has brought the world to the brink of a systemic financial and economic crisis.

Banking & finance

Tightened rules to shut many LGFVs out of Shanghai bond market, Fitch says

China has pledged to trim debts among local government financing vehicles by 2.3 trillion yuan (US$315 billion) by 2028.

People walk past the Shanghai Stock Exchange Building on April 9, 2025. Photo: EPA-EFE
China property

China’s Sunac reaches deal with key creditors on offshore debt revamp plan

Two groups of creditors, holding about 26 per cent of Sunac’s existing debt, could choose to receive two types of mandatory convertible bonds.

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Sunac faces a liquidation hearing in Hong Kong on April 28 for non-payment of a US$30 million loan to China Cinda HK Asset Management. Photo: Reuters
Banking & finance

Opinion | How Trump is chipping away at the US’ safe-haven status

Trump’s erratic policymaking is a risk typically associated with economically vulnerable autocracies in the developing world.

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Banking & finance

US Treasury market sees historic yield curve steepening amid Trump’s trade war

Investors demanding higher yield to own 30-year Treasuries over two-year maturities has increased for nine straight weeks.

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US-China relations

Will China dump US treasuries? Fears of ‘vicious spirals’ in global markets grow

Fears are growing that the US-China trade war could enter an unpredictable – and potentially devastating – new phase.

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The US-China trade war threatens to spill over into the financial markets, with unpredictable consequences, analysts say. Photo: TNS
Banking & finance

China property crisis still a key signal for junk bond market, Pimco says

China’s crisis reinforces what Pimco has known for a long time, which is that property bubbles are dangerous, whether they are in China or elsewhere.

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Pimco president Christian Stracke says there will not be a lot of interest in China offshore credit until there is a stabilisation in the property market. Photo:Jonathan Wong
Private credit

Tencent-backed China Ruyi to tap bond market for US$500 million, sources say

The streaming media firm, behind series like ‘War of Faith’, is looking for new funds as Chinese firms accelerate offshore fundraising.

Banking & finance

Hong Kong’s MTR Corp raises US$3 billion from its largest public bond sale

The deal comes amid a buoyant Asian bond market as risk sentiment remains steady ahead of further US trade tariffs, according to analysts.

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