string(13) "markets-macro"

Macro

November 11, 2021

Getting’ (re)jiggy wit it

Rumors of policy change are running rife in China’s property sector. So we’ll help make sense of two big ones that drove recent gains in developers’ stocks and bonds. Rumor #1. Banks will clear up all mortgage backlogs. On Wednesday, rumors spread that local banking regulators told major ban… Username Password Remember Me Forgot… Read More »

Rumors of policy change are running rife in China's property sector.

So we'll help make sense of two big ones that drove recent gains in developers’ stocks and bonds.

Rumor #1. Banks will clear up all mortgage backlogs.

On Wednesday, rumors spread that local banking regulators told major ban...

sources

21st Century Biz: 多家银行回应被要求清理积压按揭贷款：暂未收到通知

Yicai: 独家|交易商协会：招商蛇口等多家房企近期计划在银行间市场注册发行债务融资工具

STCN: 地产融资利好消息频传股债价格迎久违反弹

Cailianshe: 多家房企计划在银行间市场发债地产融资边际松动或带动市场情绪好转

November 11, 2021

Data dump – credit

China’s central bank released monthly credit data for October late on Wednesday. The headlines: Net new total social financing (TSF) hit RMB 1.59 trillion last month, compared with RMB 2.9 trillion in September. Net new bank loans were RMB 826.2 billion in September, higher than the forecasted…

China’s central bank released monthly credit data for October late on Wednesday.
The headlines:

Net new total social financing (TSF) hit RMB 1.59 trillion last month, compared with RMB 2.9 trillion in September.
Net new bank loans were RMB 826.2 billion in September, higher than the forecasted...

sources

PBoC: 2021年10月金融统计数据报告

Bloomberg: China’s Credit Stabilizes as PBOC Encourages Banks to Lend

November 11, 2021

PBOC seeks to reassure on mortgage tightening

One thing that caught our attention in the central bank’s October lending numbers was the figure on the value of mortgages issued last month. This is the first time the central bank has broken this data out in the monthly credit numbers. It shows mortgages are growing: The outstanding value of ind…

One thing that caught our attention in the central bank's October lending numbers was the figure on the value of mortgages issued last month.

This is the first time the central bank has broken this data out in the monthly credit numbers.

It shows mortgages are growing: The outstanding value of ind...

sources

PBoC: 2021年10月金融统计数据报告

21st Century Biz: 21解读｜央行罕见单独发布个人住房贷款单月数据，释放什么信号？

November 11, 2021

Amazing grace

It looks as though Evergrande as dodged the bullet – again. Another 30-day grace period for payment of coupons on three offshore bonds Evergrande failed to pay on time was due to expire Wednesday. And once again, investors in all three bonds confirmed that they received payment on Wednesday (Cailia…

It looks as though Evergrande as dodged the bullet – again.
Another 30-day grace period for payment of coupons on three offshore bonds Evergrande failed to pay on time was due to expire Wednesday.

And once again, investors in all three bonds confirmed that they received payment on Wednesday (Cailia...

sources

Cailianshe: 多位持有人已收到恒大原定今日到宽限期的三笔债券利息合计1.48亿美元

WSJ: China’s Plan to Manage Evergrande: Take It Apart, Slowly

November 11, 2021

Moving the red line in the sand

Beijing is considering relaxing developers’ credit limits to enable them to buy projects up for sale by distressed peers. On Wednesday, the Wall Street Journal cited unnamed sources to report that the People’s Bank of China (PBoC) is considering allowing developers to take over the projects of fina…

Beijing is considering relaxing developers’ credit limits to enable them to buy projects up for sale by distressed peers.

On Wednesday, the Wall Street Journal cited unnamed sources to report that the People’s Bank of China (PBoC) is considering allowing developers to take over the projects of fina...

sources

WSJ: China Weighs Moderating Property Curbs to Help Troubled Developers Unload Assets

November 11, 2021

Xiaohongshu raises cash privately

On Monday, news broke that lifestyle platform Xiaohongshu had raised USD 500 million in a private funding round. ICYMI: Xiaohongshu put its plans for a US IPO on hold back in July amid a freeze on Chinese listings on Wall Street. In mid-October, rumors flew that the company was considering a Hong K…

On Monday, news broke that lifestyle platform Xiaohongshu had raised USD 500 million in a private funding round.
ICYMI: Xiaohongshu put its plans for a US IPO on hold back in July amid a freeze on Chinese listings on Wall Street.

In mid-October, rumors flew that the company was considering a Hong K...

sources

36kr: 36氪独家｜小红书完成新一轮5亿美元融资，投后估值高达200亿美元

Caixin: Chinese Social Media App Xiaohongshu Wins $18 Billion Valuation

November 11, 2021

Legally broke

On Monday, a court in Shenzhen approved China’s first ever personal bankruptcy liquidation. Some context: China has had a system for corporate bankruptcy restructuring in place since the establishment of the 1986 Enterprise Bankruptcy Law – but individual debt relief has long been lacking. More cont…

On Monday, a court in Shenzhen approved China’s first ever personal bankruptcy liquidation.
Some context: China has had a system for corporate bankruptcy restructuring in place since the establishment of the 1986 Enterprise Bankruptcy Law – but individual debt relief has long been lacking.
More cont...

sources

Caixin: Shenzhen Court Issues Landmark Ruling on Personal Bankruptcy

Caixin: 深圳裁定个人破产清算首案通过考察期可免除未清偿债务

Shenzhen Gov.cn: 广东省深圳市中级人民法院民事裁定书

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