Mark McCord

Mark McCord

Mark McCord


Bonds climb on Tencent sale, BNY Mellon collateral decisions

Bonds climb on Tencent sale, BNY Mellon collateral decisions

(ATF) Chinese bonds climbed Thursday, buoyed by the planned $4 billion sale of notes by tech giant Tencent and after BNY Mellon said it would allow the nation’s debt to be used as finance collateral.Corporate bonds slumped after Hefei Construction Investment and Holding Company made a coupon payment. And the …

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Credit markets fall on Huarong contagion concern

Credit markets fall on Huarong contagion concern

(ATF) China corporate and municipal bonds fell Wednesday as the fallout from the Huarong crisis spread across credit markets.The returns-focused ATF China Bond 50 Index fell the most in there weeks, also dragged down by a coupon payment on a bond of China Cinda Asset Management.The ATF CB50 slid 0.06% …

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Resurgent Covid threatens Indian rebound

Resurgent Covid threatens Indian rebound

(ATF) The first virus wave decimated India’s economy. Now the second threatens its credit rating.Moody’s Investors Service has warned that the resurgent coronavirus burning though the world’s largest democracy – and the restrictions being imposed to mitigate it – could force the ratings firm to give India a credit-negative assessment. …

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Corporates, financials hit by coupon payments

Corporates, financials hit by coupon payments

(ATF) Returns on the bonds of Chinese private companies and banks fell Monday as coupon payments sapped liquidity from credit markets.Those losses outweighed gains among Local Government debt, pushing the ATF benchmark China Bond 50 Index into it second lacklustre day. The gauge of AAA rated credits remained at 106.69. …

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China factory gate price jump raises global inflation concern

China factory gate price jump raises global inflation concern

(ATF) In the second-half of last year economists feared China was teetering on the brink of a deflationary death spiral.Not they’re worried about the exact opposite.Factory prices hit a more than two-year high in March, data showed Friday, highlighting the country's strong recovery but feeding concerns it could filter through …

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HK challenge over SOE default may impact foreign bond purchases

HK challenge over defaulted SOE may impact foreign bond purchases

(ATF) The effectiveness of a peculiarity of China’s corporate bonds market is being tested in a case that could impact foreign investment in Chinese credits.According to the Financial Times, at least two legal challenges are being made in Hong Kong focused on so-called Keepwell deeds. Known as “letters of comfort”, …

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New COVID cases weigh on bonds

New COVID cases weigh on bonds

(ATF) A recent rise in Chinese corporate bond returns halted Thursday, matching slackness in local stock markets, amid news of new COVID outbreaks.The ATF China Bond 50 Index as little changed at 106.70 after posting moderate gains in the previous three days. The pattern was repeated across the Corporate, Enterprise …

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