TOPIC

Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
US President Donald Trump’s sweeping budget act, soon to become law, raises worries over the country’s long-term debt burden. Photo: AFP
Banking & finance

Did Trump get his ‘Big Beautiful Bill’ at the US dollar’s expense?

Analysts say the sweeping budget act resolves the immediate debt crisis, but the resultant deficit could accelerate global de-dollarisation.

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China debt

China urged to issue 30 trillion yuan in bonds to tackle local debt crisis

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Alibaba

Alibaba seeks US$1.5 billion from exchangeable bonds for cloud, e-commerce push

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China’s economic stimulus

Billions misused in China 2024 stimulus, from flood controls to gym gear: audit

Dozens of localities violated conditions of receiving funds, such as for large-scale equipment renewals and consumer goods trade-ins, top audit watchdog finds.

China’s top audit watchdog has revealed that tens of billions of yuan in funding were misused by localities amid a roll-out of stimulus measures last year, including for the nation’s trade-in programme. Photo: Xinhua
Hong Kong stock market

Chinese courier SF to raise US$752 million via Hong Kong shares, bonds

The transactions represent Shenzhen-listed SF’s first offshore fundraising since its initial public offering in Hong Kong in November.

Hong Kong stock market

Chinese firms drive US$13 billion Asian boom in convertible bonds

Appetite for equity-linked debt is strong amid global volatility, even with aggressive terms, analysts say.

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Banking & finance

Mainland China, Hong Kong launching Payment Connect scheme to aid capital flows

‘Milestone’ programme links mainland China’s Internet Banking Payment System with Hong Kong’s Faster Payment System, simplifying cross-border payments.

Pan Gongsheng, governor of the People’s Bank of China, speaks on Friday at the launch ceremony for the Payment Connect programme with Hong Kong. Photo: PBOC
Digital currencies

Opinion | Hong Kong developing a yuan-pegged stablecoin would be a game changer

In a world of dollar-pegged stablecoins, the case for yuan-based alternatives – and what it means for the future of money – is compelling.

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New World Development

Chow Tai Fook Jewellery seeks US$1 billion from convertible bond sale

The five-year Hong dollar-denominated bonds will carry a coupon of zero to 0.5 per cent payable semiannually.

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Banking & finance

Exclusive | DBS Hong Kong hiring wealth managers as investors’ risk appetite grows

The subsidiary of the Singapore bank plans to hire 100 bankers and open a new wealth-management centre.

Hong Kong is likely to overtake Switzerland by 2027 as the world’s top hub for cross-border wealth management. Photo: Eugene Lee
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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An activist in Sterling, Virginia, calls out an attendee at an exclusive dinner at the Trump National Golf Course, on May 22. Photo: AP
Hong Kong housing

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

Retiring boss Wai Chi-sing says URA will issue bonds this year and has introduced its work to investors in Europe, Middle East and Singapore.

Banking & finance

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

City should scale up yuan-denominated trade finance and participation in stock and bond markets, David Liao says.

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.

A GrabBike driver and his passenger in Hanoi on September 20, 2019. Photo: EPA-EFE
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.

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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.

Serious flooding in Chai Wan during the black rainstorm on September 8, 2023. Photo: Dickson Lee
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.

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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US Treasury Secretary Scott Bessent and Japanese Finance Minister Katsunobu Kato, chat during a photo-op at the G7 finance ministers meeting in Banff, Alberta on May 21. Photo: AP
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.

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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A poster promoting foreign exchange services outside a money changer in Hong Kong. Photo: Reuters
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.

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.

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