Asia's high-yield bond managers are largely staying away from new debt deals as turmoil in China's property sector has roiled the region's bond markets, even as they very cautiously buy into companies they think have been oversold in secondary markets.
The region's high-yield - or junk - bond market has been in turmoil for the past two months as China Evergrande Group
"High yield has not performed well, everyone is more cautious and aware that if you take on a loss now, that is going to affect your full year performance," said a Hong Kong-based debt capital markets banker who declined to be named as he was not permitted to speak to media. An estimated $3.9 billion worth of high-yield debt will mature before the end of the year, the data showed.
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