Brisk trade mark launch of China, Hong Kong bond connect scheme
Brisk trade mark launch of China, Hong Kong bond connect scheme
Bond Connect between Chinese mainland and Hong Kong makes debut
04 July, 2017, 01:02
The bond connect program with Hong Kong will give offshore investors another way to access China's US$10 trillion debt market.
The subscription ratio, the amount of purchase requests to the amount of bonds available, stood at 2.52 for bonds issued only to overseas investors, indicating enthusiasm on the first day of trading. The new link, which was announced in a joint statement by the Chinese central bank and the Hong Kong Monetary Authority, marks the latest in a series of moves to liberalise China's capital markets.
The aggregate trading volume was 7.05 billion yuan, the China Foreign Exchange Trade System said on its website. Bond Connect starts at a good timing point, while the MSCI's decision to include Chinese A shares has prompted heightened expectations - like we've never seen before - and really demonstrates that the world needs to recognize and embrace the Chinese mainland market.
The link allows investors based in Hong Kong to trade directly in China's $9 trillion market for debt securities, and is modeled on similar links between stock-markets in the territory and the mainland.
The connection will increase the supply of yuan-denominated assets that can be held by global investors as Beijing steps up the internationalization of its currency.
China's bond market is the third-largest in the world, but only 2% of Chinese bonds are foreign-owned.
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As reported by the South China Morning Post, Yunho Song, Senior Advisor to the president of Ping An Securities, said: "In comparison with previous rules on foreign investors" investment in the Chinese bond market, Bond Connect has significantly abridged the procedures for foreign investors who cannot only "click' and enter the Chinese bond market but also purchase directly in foreign currencies".
Although in the short term, it has limited effect on the domestic bond market. However, access to Chinese bonds via the programme will be restricted to overseas institutional investors such as banks, insurers and investment funds.
"Over the past year China has been normalizing policy and we've seen the currency stabilize and bond yields start to become more attractive". HSBC said it is one of the underwriters.
In 2014, officials launched a two-way stock trading link between Hong Kong and Shanghai with investors on both sides getting access to each other's stocks.
Standard Chartered Bank, which supported several of its clients in Hong Kong in investing through the program yesterday, hailed the connect as a "significant milestone" for China's opening up of its onshore capital markets.
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