Chinese high-yield bonds were marginally weaker, but there was no sign of a sell-off in metals-related credits, despite growing rhetoric from the US about trade tariffs on steel and aluminium.
Back in 1994, when I first moved to Hong Kong, the debt capital markets in Asia excluding Japan were almost non-existent. The only way domestic issuers could raise financing was from the loan market, either domestically or offshore, or in the G3 currencies (US dollar, euro or Japanese yen) for the best of them. The few “bonds” were actually loan-style fixed-rated notes, syndicated primarily to banks.
China and Hong Kong launched a long-awaited Bond Connect scheme on Monday that links China's $9 trillion bond market with overseas investors, the latest step in Beijing's efforts to liberalize and strengthen the country's capital markets.
HONG KONG, March 15 (Xinhua) -- The Hong Kong Exchanges and Clearing Limited (HKEX) on Wednesday announced to advance preparatory work for a bond market connect between Hong Kong and Chinese mainland.