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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.
A woman walks past an electronic board displaying stock prices in Tokyo on Monday. Photo: AFP
Japan

How will Japan’s rate increase affect capital flow in global financial markets?

Tokyo’s bond yields are seeing multi-decade highs as Bank of Japan boosts borrowing cost to three-decade high.

Gold in Hong Kong

Exchange Fund may buy more gold to support Hong Kong’s trading hub ambitions

China economy

In Focus | Is China’s new local surtax a game-changer, or a bureaucratic tweak?

Yuan

Open Questions | Private equity’s Fang Fenglei on investing in China

Veteran investor considers China’s economic strengths, assets that appeal, future yuan appreciation and policymakers’ ability to solve problems.

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Illustration: Brian Wang
Hong Kong stock market

Treasury yield hits 19-year high, ECB raises rates: the numbers moving markets

Hong Kong’s MPF assets reaching HK$1.67 trillion and European Central Bank increasing rates by 25 basis points are in spotlight this week.

Banking & finance

Record China-US gap in bond yields unlikely to trigger capital flight: Marsh

Executives say dollar dominance remains intact as borrowers diversify funding and use offshore yuan bonds to help manage elevated US financing costs.

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Stocks

Macroscope | Why the global economy and markets continue to defy doomsayers

Despite rising energy prices and bond yields, economic growth has been resilient and equity markets have been performing strongly.

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A woman walks in front of an electronic stock board showing Japan’s Nikkei and New York Dow stock indexes at a securities firm in Tokyo on September 9. Photo: AP
Tencent

What Tencent’s Bilibili bond swap tells us about its AI playbook

The deal allows Tencent to release capital from a legacy asset to support AI projects while retaining downside protection as a debt holder.

United States

Macroscope | Trump’s Treasury threat will only accelerate the dollar’s decline

While loose talk over bond market interventions may not trigger an immediate sell-off, it will convince foreign creditors to keep trimming their Treasury exposure.

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Banking & finance

Hong Kong’s Silver Bonds draw record 480,000 bids with higher interest rate

Hong Kong is expected to raise the final issuance to the upper limit of HK$55 billion, as applications from elderly investors have surged.

Elderly investors are becoming increasingly interested in Silver Bonds amid an uncertain financial market outlook. Photo: Jelly Tse
US sanctions on China

Opinion | Why US sanctions threats against China aren’t credible

Weaponising global payments against Beijing risks triggering a major shock at home – one America’s fragile debt and stock markets cannot afford.

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A sign displays national debt at a bus stop in a neighbourhood in Washington, D.C., on August 20. Photo: Getty Images / TNS
China’s economic stimulus

China to speed up bond issuance after national meeting on investment: analysts

The fixed-income securities are to be used to fund national infrastructure and construction ventures to boost the economy.

Mainland China

China, US bond markets diverge as Warsh strikes hawkish tone at Jackson Hole

Strong momentum is predicted to drive the yield on China’s 10-year government bonds to a low of 1.65 per cent, according to analysts.

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Banking & finance

Macroscope | Global debt crisis will mean higher taxes – or worse

Bond markets are in revolt in response to rising government debt, meaning urgent change is needed in how national priorities are financed.

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A sign displays national debt at a bus stop in Washington on August 20. Similar signs have been put up across the US by the nonpartisan Peter G. Peterson Foundation. Photo: Getty Images
United States

Macroscope | US markets are paying the price for Trump’s reckless policies

From surging debt to trade wars with Canada, self-harm has been the main consequence of Trump’s reckless policy decisions.

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A utilities box covered in Canadian flags sits in front of a steel plant in Hamilton, Ontario, Canada, on August 20. Although Canada’s economy will bear the brunt of a full-blown trade war, the US will suffer, too. Photo: The Canadian Press via AP
US Federal Reserve

US Treasury bond buy-back reinforces gold debasement trade ahead of Jackson Hole

Treasury buy-backs bolster gold’s rally as investors await US Federal Reserve’s annual meeting at Jackson Hole.

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US debt ceiling

America’s US$40 trillion debt gamble is getting harder to ignore: economists

Analysts warn that high spending, rising interest costs and tax cuts could impede Washington’s efforts to ‘grow our way out of’ record-high national debt.

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Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

Beijing has been striving to internationalise China’s yuan in recent years. Photo: Shutterstock
Banking & finance

China and US bond markets head in opposite directions

The US Treasury tried to cool rising borrowing costs in the dollar debt market with a surprise intervention, while yields in China are near the lowest in a year.

Banking & finance

Opinion | Chinese treasury futures launch cements Hong Kong as premier yuan hub

It marks Hong Kong’s transformation from a yuan payment channel and funding pool into a comprehensive centre for yuan assets.

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Banking & finance

Dim sum bond boom: record State Grid deal fuels Hong Kong offshore yuan surge

Lower yuan borrowing costs and longer maturities lure issuers, marking a fresh phase in the city’s expanding offshore market.

Nearly 500 billion yuan of offshore yuan bonds were sold in the first seven months of the year, according to Bank of China. Photo: AFP
Banking & finance

Opinion | Just like with the yen, America cannot save the AI bubble

The Japanese currency and US tech stocks share the same fatal problem: momentum can’t survive broken fundamentals.

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An electronic board showing the US dollar and Japanese yen exchange rate at a securities firm in Tokyo on August 3. Photo: AP
Green bonds

Hong Kong to list first Shanghai free-trade zone bond to defend yuan hub status

HKEX announces that a Shanghai Electric subsidiary is set to list a 1.5 billion yuan green bond later this month.

Hong Kong economy

In Focus | What comes next for Hong Kong as a global financial hub?

Hong Kong needs more yuan products, commodity trading infrastructure and fintech innovation, market participants say.

Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
Banking & finance

From Hong Kong’s bond futures to SpaceX: the numbers moving markets

Hong Kong’s sovereign debt debut, SpaceX’s first public earnings and shifting energy markets are all in the spotlight.

Hong Kong Exchanges and Clearing electronic boards show news of the China government bond futures launch at Exchange Square in Central, Hong Kong, on August 3. Photo: SCMP/Jonathan Wong
Banking & finance

Hong Kong raises Silver Bonds coupon rate to 4.25% for latest batch

The city plans to issue up to HK$50 billion of Silver Bonds next month, with the higher rate intended to pre-empt a rise in US interest rates.

Banking & finance

Macroscope | US efforts to prop up the yen risk doing more harm than good

Reversing the yen’s long-term decline ultimately rests on Japan’s ability to take its real interest rates out of negative territory – without triggering market panic.

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