TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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Banking & finance

China’s Kuaishou to raise US$2 billion from maiden overseas bond sale

China property

Expect no ‘systemic shock’ from Vanke’s ‘technical default’: HSBC

Hong Kong economy

Hong Kong must issue bonds as public works drive capital account deficit: Paul Chan

Finance chief also says annual budget will be delivered on February 25.

Construction is under way at the Hong Kong-Shenzhen Innovation and Technology Park. Photo: Eugene Lee
Banking & finance

Chinese financial firms press on with debt issuance to fund overseas expansion

Guangzhou-based GF Securities announces plan to raise US$780 million after mainland Chinese finance firms raise over US$10 billion in 2025.

China property

China Vanke offshore creditors face near wipeout in Barclays worst-case scenario

British bank warns recoveries could fall below 1 per cent as restructuring priorities and access to assets remain uncertain.

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Banking & finance

More issuers turn to Dubai listings as yuan bonds gain traction in Middle East

Dubai’s dim sum bond momentum points to investor confidence in China and diversification from the US dollar, says regulator.

Financial centres like Dubai are the key centrepoints of the quickly growing corridor between China and the Middle East, according to the Dubai Financial Services Authority. Photo: AFP
Banking & finance

Hong Kong bond markets, yuan issuance to expand in 2026 under HKMA, SFC road map

HKMA and SFC blueprint to drive multicurrency issuance, with green finance and Bond Connect widening investor base.

Banking & finance

Macroscope | Why Wall Street remains bullish on China amid economic slowdown

Just because fund managers were too bearish on China doesn’t mean their concerns were misplaced – economic fundamentals matter.

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China property

China Vanke wins bondholders’ reprieve, averts default for now

Holders of the 2 billion yuan note approve extension of grace period to January 28, but deny proposal to defer principal payment for a year.

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Vanke is the last major Chinese real estate firm to so far have avoided reneging on its debts amid the multi-year real estate crisis. Photo: AFP
China property

China Vanke’s managers have no plans to sell shares as firm fights for survival

Vanke, responding to queries from investors, says top managers have not notified it about their intentions so far.

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Vanke said it had completed 19 bulk asset transactions in the first three quarters of this year totalling 6.86 billion yuan. Photo: Reuters
China property

China Vanke unveils proposal to extend US$366 million bond after 3 failed bids

Bondholders will vote on the revised plan from Thursday to Monday, and it requires over 90 per cent of the total voting rights to take effect.

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China property

Vanke’s bondholders reject payment extension, raising default risk

The rejection in a three-day vote that ended late on Friday gives the developer a grace period of five business days to pay 2 billion yuan of onshore bond.

Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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People walk near screens showing stock exchange and economic data in Shanghai, on April 14. Photo: EPA-EFE
Climate change

Opinion | How Hong Kong can distinguish itself as a climate finance hub

The city should lead by directing capital to projects that modernise grids, electrify transport and accelerate green supply chains.

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Hong Kong already ranks among the world’s leading financial centres and leads Asia in green and sustainable bond issuance. Photo: Sam Tsang
Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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China property

Chinese developer Country Garden gains Hong Kong court-backed debt lifeline

Onshore and offshore restructuring plans expected to reduce debt by US$12.7 billion and ease repayment pressure over the next five years.

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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.

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

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

Through fast-growing markets for yuan-denominated bonds, China is showing it can support sustainability projects across the Global South.

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Currencies

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

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

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.

The People’s Bank of China building in Beijing. Photo: China News Service/VCG via Getty Images
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.

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.

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.

A woman walks past a sign at the World Internet Conference in Wuzhen town of Tongxiang city, Zhejiang province, on November 8, 2025. Photo: Reuters
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.

People take in the view of Hong Kong’s skyline from K11 Musea in Tsim Sha Tsui on February 10. Photo: Eugene Lee
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.

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.

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