CNH Bond Update

Big deal of the week ICBC 6% AT1 CNH Coco (not on list) managed to trade above 102 but interest failed to sustain.

Who can blame them with their stock market surging 20% in just 10 days in a “superbull” move that will probably get another leg up next week even as Bloomberg reports that some of the Chinese names are trading 10% cheaper in HK.

China’s regulator urges caution on stocks but how can the rally stop when  we finally get news that former party senior, Zhou Yong Kang, had been expelled from the Communist Party and would face prosecution, possibly receiving a suspended death sentence ?

All good especially if America returns the 100 fugitives that China is seeking, along with their cash.

Chinese developers who had bribed the wrong folks are now in trouble eg. Agile and the recent rumours stirring on Kaisa. Yes, China has dropped down the corruption ladder this year even after 400 arrests.

Leaving you with the bond prices.

CNH Bond Prices (unverified)