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The week in review: China scraps clean coal from green bonds, regulators tighten exchange bond rules, public infra Reits roaring to go

By Addison Gong 26 Apr 2021 In this round-up, Beijing decides to leave ‘clean coal’ out of the latest list of eligible projects for green bonds, stock exchanges in Shanghai and Shenzhen plan to tighten approval for bond issuance, and the first batch of public infrastructure real estate investment trusts (Reits) are being reviewed at the two bourses. China has kept the loan prime rate (LPR), the benchmark lending rate, unchanged for the 12th consecutive month in April. The one year LPR remained at 3.85%, and the five year and above rate stayed at 4.65%, the central bank announced last week. China’s outbound direct investment (ODI) rose 4.6% year-on-year in the first quarter of 2021 to Rmb206.14bn ($31.8bn), according to the Ministry of Commerce. Non-financial ODI dropped 4.9% to Rmb106.81bn during the same period.

UPDATE 1-Chinese regulator curbs asset transfers to protect bondholders

By Reuters Staff (Adds more details, background; tweaks headline) SHANGHAI, Jan 29 (Reuters) - China’s interbank bond market regulator will restrict moves by bond issuers to transfer assets for free, it said on Friday, in an apparent effort to protect bondholders in the aftermath of a spurt of defaults. In a statement, the National Association of Financial Market Institutional Investors (NAFMII) told bond issuers’ controlling shareholders not to dodge debt obligations through asset transfer or transactions with related parties. The curbs come after several top-rated state-owned companies, including Huachen Automotive Group Holdings Co and Yongcheng Coal & Electricity Holding Group Co, defaulted toward the end of 2020, sending shockwaves across China’s bond market.

Chinese regulator curbs asset transfers to protect bondholders

Article content SHANGHAI China’s interbank bond market regulator will restrict moves by bond issuers to transfer assets for free, it said on Friday, in an apparent effort to protect bondholders in the aftermath of a spurt of defaults. In a statement, the National Association of Financial Market Institutional Investors (NAFMII) told bond issuers’ controlling shareholders not to dodge debt obligations through asset transfer or transactions with related parties. We apologize, but this video has failed to load. Try refreshing your browser, or Chinese regulator curbs asset transfers to protect bondholders Back to video The curbs come after several top-rated state-owned companies, including Huachen Automotive Group Holdings Co and Yongcheng Coal & Electricity Holding Group Co, defaulted toward the end of 2020, sending shockwaves across China’s bond market.

Market Talk – December 14, 2020 | Armstrong Economics

Spread the love ASIA: Despite claims of an economic recovery, Chinese state-owned companies are defaulting on their debts. A string of missed debt repayments by major firms has shaken local as well as global markets. State firms defaulted on a record $6.1 billion worth of bonds between January and October, according to Fitch Ratings. That’s about as much as the last two years combined. The development has rattled China’s nearly $4 trillion corporate debt market, of which state-owned enterprises are estimated to account for more than half. At least 20 firms suspended plans for new debt issues totaling $2.4 billion, all citing recent market turmoil. The mounting non-payment of debt payments is getting worse in recent weeks. A slew of major companies, including German automaker BMW’s Chinese partner Brilliance Auto Group, top smartphone chipmaker Tsinghua Unigroup, and Yongcheng Coal and Electricity declared bankruptcy or defaulted on their loans in November. According to Reuter

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