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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.
An activist in Sterling, Virginia, calls out an attendee at an exclusive dinner at the Trump National Golf Course, on May 22. Photo: AP
Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

From the speculative frenzy over digital assets to the assault on bond markets, the next financial crisis will be self-inflicted.

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Hong Kong housing

Hong Kong Urban Renewal Authority eyes Middle East, Europe investors for bonds

Banking & finance

Hong Kong can power yuan’s international ascent: HSBC co-CEO

China property

China gets first private-builder dollar bond since 2023

Seazen has withstood the headwinds in the sector and still operates an extensive portfolio of shopping centres in smaller cities.

Residential buildings are seen under construction in Fuyang, in eastern China’s Anhui province on May 19, 2025. Photo: AFP
Banking & finance

Grab to sell US$1.25 billion in convertible bonds to fund acquisitions

Singapore-based Grab, whose app is ubiquitous in Southeast Asia for ride hailing and food delivery, will issue convertible bonds that mature on June 15, 2030, it said.

United States

Opinion | May’s Taco market lull may well be the calm before the storm

For now, even a threat of tariff escalation may be discounted by a feeling that ‘Trump always chickens out’.

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Banking & finance

China’s Ping An raises US$1.5 billion from convertible bonds to fund growth

The notes will not bear interest throughout the five-year term and can be converted into Hong Kong-traded shares at HK$55.02 each.

Ping An said it would use the proceeds from the bonds to further develop its core business. Photo: Reuters
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

Some of Asia’s excess savings invested abroad are bound to return home, but whether that trickle becomes a flood is open to question.

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Mandatory Provident Fund (MPF)

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

About 37 per cent of MPF’s US$167 billion total assets were invested in bond and balanced funds at the end of 2024.

The MPF’s total assets stood at HK$1.3 trillion (US$167 billion) at the end of 2024. Photo: Eugene Lee
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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Traders are seen on the floor of the New York Stock Exchange in the US on May 13. Photo: Reuters
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.

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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.

Outstanding US Treasuries rose 6 per cent year on year to US$28.6 trillion at the end of March. Photo: dpa
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.

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