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TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
Asia and Hong Kong are very important areas for Barclays, according to group CEO C. S. Venkatakrishnan. Photo: Edmond So
Banking & finance

Barclays boosts Hong Kong presence to tap thriving IPO market

C.S. Venkatakrishnan said the bank is increasing its outlay on talent and technology across its investment banking and trading units.

Banking & finance

China’s JD.com returns to dim sum bond market with 10b yuan offering

Banking & finance

Exclusive | HKU kicks off roadshow for US$385 million bond to back Northern Metropolis plan

Banking & finance

Opinion | Why a global private-credit meltdown would hit China hard

It could leave emerging economies scrambling for financing just as their repayment obligations to Chinese lenders mount.

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People wait to cross a road in Beijing on March 6. A private-credit crisis could prompt a wave of restructuring of loans due to China, complicating its efforts to counter a structural downturn. Photo: AFP
Hong Kong stock market

Markets brace for rate hikes as prolonged Iran war stokes tightening fears

The European Central Bank has become more hawkish, reverting to wording that analysts say often precedes interest-rate increases.

Banking & finance

US federal debt becoming ‘alarmingly unsustainable’ as Iran war fuels spending

Washington’s rapid accumulation of sovereign debt sparks outcry, with some analysts questioning if Trump has the political will to cut the deficit.

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Banking & finance

HSBC launches US$2.5 billion AT1 bond issue in Hong Kong after market standstill

Lender’s AT1 bond sale is the first since Iran conflict froze the market, with Hong Kong’s stability making it the natural venue: analyst.

The offering comprises US$1.25 billion in five-year bonds at 6.75 per cent per year, and another US$1.25 billion in 10-year bonds at 7 per cent. Photo: Elson Li
China stock market

Trump’s Fed pick Warsh stokes uncertainty as investors weigh his policy shifts

US Treasuries have been falling recently, partially reflecting investor concerns that Warsh’s succession will slow rate reductions.

Education in Hong Kong

Hong Kong Baptist University may issue bonds to finance development

University president says funds needed to support its Chinese medicine hospital and campus redevelopment.

Banking & finance

How China’s sovereign debt is becoming a real alternative to US Treasuries

Beijing is now offering dollar-denominated sovereign bonds at rates matching equivalent US Treasuries – and investors are snapping them up.

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China’s sovereign debt is attracting more demand from investors as confidence wavers in the United States. Photo: AFP
Hong Kong stock market

Oil surge stokes inflation fears as Middle East flashpoint rattles markets

Rising oil prices are shaking global markets as investors rethink rate-cut bets and brace for slower growth and renewed inflation.

The spike in energy costs has revived fears of a renewed bout of inflation, raising the risk of slower global growth. Photo: AFP
Banking & finance

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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China's economic recovery

As Chinese provinces slash revenue outlook, analysts warn of debt control

Local governments seen curbing infrastructure spending as Beijing’s fiscal discipline pushes regions to prioritise social services and tech over large projects.

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Hong Kong economy

West Kowloon arts hub seeks US$1 billion in first bond sale to fund operations

Loss-making authority edges closer to bond offering to help sustain operations amid continuing deficits.

The authority that manages Hong Kong’s West Kowloon arts hub is preparing to offer bonds for the first time. Photo: Sam Tsang
Mainland China

Yuan rally puts fresh steam into Hong Kong’s dim sum bond revival

Issuance could approach US$140 billion as a firmer renminbi, low funding costs and policy support boost demand for offshore notes.

The People’s Bank of China on Wednesday set the yuan’s midpoint rate – the daily fixing – at 6.9438 per US dollar, its strongest level in nearly three years. Photo: Reuters
Banking & finance

Hong Kong firms rush to issue convertibles – and trend could continue: bankers

Issuers raised US$7.4 billion in convertibles in early 2026, nearly half of last year’s total, as they rushed to lock in high share prices.

Hong Kong stock market

Hong Kong urged to widen Stock Connect and woo global firms to boost listings

City should pitch Southeast Asia, Middle East to draw global listings and issue long-term bonds to attract patient capital, think tank says.

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Mainland China

China’s Huatai Securities to raise US$1.3 billion for overseas push

The issuance implies potential dilution for Hong Kong–listed shareholders, with the conversion price set at a premium.

Huatai Securities plans to raise up to HK$10 billion (US$1.3 billion) through the issuance of zero-coupon convertible bonds. Photo: Getty
MTR Corporation

Editorial | MTR’s embrace of green bonds an example for other Hong Kong firms

While local companies have been slow to take up ESG, the MTR Corporation’s record bond issuance shows there is investor interest in supporting the environment.

Banking & finance

China’s yuan finds firmer footing in corporate fundraising efforts

Uses of yuan borrowing broaden to include working capital and capex, supported by Hong Kong’s liquidity boost, bankers say.

Japan

Macroscope | Could Japan stop being the ballast of the bond market?

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

Japan’s 10-year government bond yield, seen on a screen outside a brokerage in Tokyo on January 21, touched its highest in a century this month. Photo: Reuters
China stock market

Exclusive | UK and China weigh cross-border asset-management scheme to deepen market ties

Ashley Alder, chairman of the Financial Conduct Authority, joins the British delegation, with UK-China links high on the agenda.

UK Financial Conduct Authority chairman Ashley Alder, pictured at the Island Shangri-La in Admiralty on January 28, 2026. Photo: Karma Lo
Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund reports record earnings in 2025

The Exchange Fund’s full-year earnings jumped 51 per cent to HK$331 billion (US$42 billion), from HK$218.8 billion in 2024.

Interest rates

Spiking yen fuels risk-averse mood as investors take defensive stance

Yen hits two-month high amid fears US and Japan will intervene to prop up the currency ahead of Japan’s election next month.

United States

Macroscope | Distracted at Davos, leaders are ignoring one critical issue

More attention needs to be paid to the state of US and global finances.

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US President Donald Trump (right) greets leaders as he arrives for a Board of Peace charter announcement at the annual meeting of the World Economic Forum in Davos, Switzerland, on January 22. Photo: AP
Bank of Japan

Japan bond volatility raises contagion alarm for Asia’s stocks and debt

Japan’s yield spike is testing safe-haven assumptions, with markets debating whether the movement is local or systemic.

A monitor displays long-term interest rates in Tokyo, Japan, on January 19, 2026. Photo: EPA
Banking & finance

Hong Kong dollar and yuan bonds forecast to sustain record growth in 2026

Issuers and investors flock to Hong Kong dollar and yuan bonds, backed by deep liquidity and diverse yield curves.

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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