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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.
Traders on the floor of the New York Stock Exchange. Photo: Getty Images via AFP
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

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Banking & finance

Swap Connect: enhancements in store to boost hedging tools, bond market appeal

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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.

A residential complex being built by Chinese developer China Vanke is seen in Nanjing, in China’s eastern Jiangsu province, on February 13, 2025. Photo: AFP
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.

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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A man walks past a currency exchange office in Buenos Aires, Argentina, on April 1. While many expect the US dollar to keep depreciating, the currency still accounts for nearly 60 per cent of foreign reserve holdings and almost 90 per cent of foreign exchange transactions. Photo: EPA-EFE
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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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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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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Sunac, which defaulted on a dollar bond in 2022, is the first major Chinese builder to pursue a second debt plan since the sector’s debt crisis began. Photo: SOPA Images/LightRocket via Getty Images
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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A woman walks past a brokerage house in Beijing, on April 9 amid mounting fears of a global recession. Photo: Reuters
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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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.

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.

IMF Managing Director Kristalina Georgieva delivers a speech ahead of next week’s World Bank Group and IMF 2025 spring meetings, at the IMF headquarters in Washington on April 17. Photo: EPA-EFE
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.

People walk past the Shanghai Stock Exchange Building on April 9, 2025. Photo: EPA-EFE
China property

China’s Sunac reaches deal with key creditors on offshore debt revamp plan

Two groups of creditors, holding about 26 per cent of Sunac’s existing debt, could choose to receive two types of mandatory convertible bonds.

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Banking & finance

Opinion | How Trump is chipping away at the US’ safe-haven status

Trump’s erratic policymaking is a risk typically associated with economically vulnerable autocracies in the developing world.

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Banking & finance

US Treasury market sees historic yield curve steepening amid Trump’s trade war

Investors demanding higher yield to own 30-year Treasuries over two-year maturities has increased for nine straight weeks.

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The appeal of long bonds dimmed last week in part on speculation that Trump’s tariffs will sap international demand for Treasuries. Photo: Reuters
US-China relations

Will China dump US treasuries? Fears of ‘vicious spirals’ in global markets grow

Fears are growing that the US-China trade war could enter an unpredictable – and potentially devastating – new phase.

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Banking & finance

China property crisis still a key signal for junk bond market, Pimco says

China’s crisis reinforces what Pimco has known for a long time, which is that property bubbles are dangerous, whether they are in China or elsewhere.

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Private credit

Tencent-backed China Ruyi to tap bond market for US$500 million, sources say

The streaming media firm, behind series like ‘War of Faith’, is looking for new funds as Chinese firms accelerate offshore fundraising.

People walk outside Exchange Square in Hong Kong’s Central district on February 24. Photo: Reuters
Banking & finance

Hong Kong’s MTR Corp raises US$3 billion from its largest public bond sale

The deal comes amid a buoyant Asian bond market as risk sentiment remains steady ahead of further US trade tariffs, according to analysts.

The MTR Corp’s 30-year US dollar note is the largest from a Hong Kong corporate issuer in more than two decades, according to the railway transport operator. Photo: Edmond So
Hong Kong budget 2025-26

Opinion | How Hong Kong can dig itself out of recurring deficits

As the city borrows money to fund development, it risks depleting its savings unless policymakers act decisively to find new sources of revenue.

Central banks

China bonds’ biggest bull run in a decade stumbles as stocks take over

The bond market’s mood will be tested on Friday, when the Ministry of Finance is scheduled to auction 167 billion yuan of two-year government bonds.

Hong Kong economy

HK$150 million subsidy to help 2,500 graduates in Hong Kong construction

Scheme aligns with government’s intention to boost capital works expenditure over next five years.

Professor Thomas Ho (left), chairman of the Construction Industry Council, with executive director Albert Cheng. The council revealed HK$150 million would be allocated for companies training and retaining 2,500 graduates within the sector. Photo: Dickson Lee
Ukraine war

European bond yields expected to rise along with military spending

‘We’re not talking small numbers here,’ BNP Paribas executive says.

A photo taken on March 6, 2025, shows member nation flags and a sculpture at the Cour d’Honneur of the North Atlantic Treaty Organization (NATO) headquarters, in Brussels. Photo: AFP
China property

Chinese developer Longfor’s bonds sink deeper into junk territory

Downgrade comes as developers continue to struggle with lacklustre buyer sentiment despite recent support measures.

Baidu

China’s Baidu to issue yuan bonds as US$600 million debt due

The search-engine firm last month reported a 2 per cent decline in quarterly revenue and faces intensifying competition in the AI arena.

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