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Bond Market News
Chinese Corporate Dollar Bonds Inch Higher on Easing Measures
February 22, 2024
Dollar bonds of several Chinese corporates especially property developers have inched higher this week. This includes the likes of Longfor, Vanke, GLP China, Ping An amongst several others that have moved 1-1.5 points higher. First, this was helped by Chinese lenders cutting the 5Y loan prime rate by a record 25bp to 3.95%. This is expected to see more Chinese cities cut minimum mortgage rates for home buyers, thus helping the property market. Further, in a more recent update, China’s state banks were reported to have assigned ~RMB 60bn ($8.3bn) of loans for property projects that are eligible for state support. Analyst note that while these measures are helpful, it remains to be seen how the implementation of the fiscal and property support measures is done, besides the overall scale of measures.
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