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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.
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: Eugene Lee
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.

China stock market

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

Education in Hong Kong

Hong Kong Baptist University may issue bonds to finance development

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.

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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An unfinished construction project is seen in China’s Anhui province. A number of local-level governments that lent to certain real estate and infrastructure projects have had trouble getting paid back amid a property slowdown. Photo: Getty Images
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.

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.

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.

The number of companies rushing to issue convertible bonds is growing even as the Lunar New Year approaches, according to market players. Photo: Getty Images
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.

FSDC executive director Rocky Tung says while Hong Kong has been a major listing venue for mainland firms, international companies remain a minority on the local bourse. Photo: Enoch Yiu
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.

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.

Foreign-exchange trends, interest-rate shifts and supply-chain reshaping are all driving greater offshore yuan use, UOB banker says. Photo: Shutterstock
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.

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.

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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.

Media reports on Friday said that the New York Federal Reserve had checked dollar-yen rates with dealers, widely seen as a precursor to intervention. Photo: Reuters
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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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.

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.

Hong Kong’s local-currency bond issuance volume reached a record HK$613 billion in 2025, up nearly 41 per cent from a year earlier. Photo: 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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China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
Banking & finance

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

Short-video platform to issue US dollar and yuan tranches with coupon rates of up to 4.75 per cent.

China property

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

Even an ‘aggressive’ haircut would pose limited downside risks to key developers, bank says.

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.

Chinese financial firms raised over US$10 billion last year to fund their overseas expansion. Photo: AFP
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.

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.

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