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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.
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
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

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Banking & finance

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

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.

A security guard stands near a development by Vanke in Beijing on December 23, 2025. Photo: Reuters
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.

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.

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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.

In a base-case scenario, China Vanke bondholders may recover 10.1 per cent of what they are owed, according to Barclays. Photo: Reuters
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.

Banking & finance

Hong Kong bond markets, yuan issuance to expand in 2026 under HKMA, SFC road map

HKMA and SFC blueprint to drive multicurrency issuance, with green finance and Bond Connect widening investor base.

Banking & finance

Macroscope | Why Wall Street remains bullish on China amid economic slowdown

Just because fund managers were too bearish on China doesn’t mean their concerns were misplaced – economic fundamentals matter.

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People walk across a bridge with a display showing the latest stock exchange and economic data in Shanghai, on November 28. Photo: EPA
China property

China Vanke wins bondholders’ reprieve, averts default for now

Holders of the 2 billion yuan note approve extension of grace period to January 28, but deny proposal to defer principal payment for a year.

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Vanke is the last major Chinese real estate firm to so far have avoided reneging on its debts amid the multi-year real estate crisis. Photo: AFP
China property

China Vanke’s managers have no plans to sell shares as firm fights for survival

Vanke, responding to queries from investors, says top managers have not notified it about their intentions so far.

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China property

China Vanke unveils proposal to extend US$366 million bond after 3 failed bids

Bondholders will vote on the revised plan from Thursday to Monday, and it requires over 90 per cent of the total voting rights to take effect.

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China property

Vanke’s bondholders reject payment extension, raising default risk

The rejection in a three-day vote that ended late on Friday gives the developer a grace period of five business days to pay 2 billion yuan of onshore bond.

The construction site of a residential complex being built by Chinese real estate developer Vanke in Nanjing in eastern China’s Jiangsu province on February 13, 2025. Photo: AFP
Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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People walk near screens showing stock exchange and economic data in Shanghai, on April 14. Photo: EPA-EFE
Climate change

Opinion | How Hong Kong can distinguish itself as a climate finance hub

The city should lead by directing capital to projects that modernise grids, electrify transport and accelerate green supply chains.

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Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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China property

Chinese developer Country Garden gains Hong Kong court-backed debt lifeline

Onshore and offshore restructuring plans expected to reduce debt by US$12.7 billion and ease repayment pressure over the next five years.

The approval of the plans marks a new phase for Country Garden, according to an analyst. Photo: Reuters
Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

Banking & finance

Opinion | How yuan internationalisation is helping to close the climate finance gap

Through fast-growing markets for yuan-denominated bonds, China is showing it can support sustainability projects across the Global South.

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Currencies

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua
Banking & finance

Hong Kong dollar bonds to continue surge after record US$42 billion year

City’s deep, liquid market and low inflation attract issuers amid a structural shift away from the US dollar, analysts say.

A view of Central and Victoria Harbour on November 26, 2024. Photo: AFP
China economy

Weak growth outlook fuels China’s bond market recovery, analysts say

Concerns about inflated valuations of technology stocks are also driving investors towards bonds.

Ministry of Finance (China)

China’s euro bond sale sees record demand, signals strong investor confidence

Oversubscribed issuance reflects confidence in Beijing’s assets as investors seek rare Asian sovereign exposure, industry players say.

Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

The Japanese yen’s exchange rate briefly weakened beyond 155.3 to the US dollar on Tuesday. Photo: Reuters
Banking & finance

Growth in China’s tech stocks just getting started: JPMorgan banker

‘Investors hold a lean-forward sentiment because they are underexposed in their portfolios to AI trends in China,’ Mark Fiteny says.

A woman walks past a sign at the World Internet Conference in Wuzhen town of Tongxiang city, Zhejiang province, on November 8, 2025. Photo: Reuters
Banking & finance

Editorial | Hong Kong breaks new fintech ground with tokenised green bond

Hong Kong is positioning itself to connect conventional finance with fintech while developing into a global hub for sustainable financing.

US-listed Chinese stocks

US funds tread carefully on China as Oaktree and Appaloosa adjust bets

Oaktree exits KE Holdings, billionaire David Tepper’s Appaloosa boosts Baidu stake and Bridgewater stays away from China in third quarter.

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