Bonds


Tencent bond deal raises $4.15bn as investors ignore tech crackdowns 

Tencent bond deal raises $4.15bn as investors ignore tech crackdowns 

(ATF) Tencent issued US$4.15 billion in US dollar bonds on Thursday, in one of the largest US dollar bond issuances in Asia this year.Final orders for the dollar-denominated bonds were worth $21 billion, it was reported, which allowed it to tighten the pricing of the four-part deal. Uptake for the …

Continue reading

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 …

Continue reading

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% …

Continue reading

Huarong panic may prompt China sovereign wealth fund move

Huarong panic may prompt China sovereign wealth fund move

(ATF) Debt prices for China’s largest bad debt investor Huarong Asset Management slumped on Tuesday April 13, and fear of contagion for other issuers prompted speculation that the nation’s sovereign wealth fund will step in to assume some of its liabilities.Bonds issued by Huarong slumped on Tuesday after rating agency …

Continue reading

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. …

Continue reading

China’s fast-growing onshore corporate bonds offer opportunities

China’s fast-growing onshore corporate bonds offer opportunities

(ATF) China’s bond market is now the world’s second-largest after the US and while the impressive growth of China’s offshore bond market is well-noted, it is the spectacular rise of its onshore bond market that has our attention. Onshore corporate bonds have recorded the fastest growth; it is here we …

Continue reading

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”, …

Continue reading

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 …

Continue reading

IMF optimism brings risk back into credit markets

IMF optimism brings risk back into credit markets

(ATF) Chinese corporate and local government bonds climbed for a third consecutive day Wednesday as investors piled into riskier debt following the International Monetary Fund’s (IMF) upgrade of its estimate for global growth.A gauge of state-owned enterprise (SOEs) bonds snapped a two-day slide after the IMF also praised China’s efforts …

Continue reading

Loans cap call lifts bets on corporate bonds

Loans cap call lifts bets on corporate bonds

(ATF) A key gauge of Chinese corporate bonds climbed the most in six weeks Tuesday on bets businesses will turn to capital markets for financing after the central bank called for caps to bank loans.Corporate, financial and local government debt all rose while a gauge of state-owned enterprises (SOEs) fell …

Continue reading