Bond yields around the world have fallen so much that global investors are shifting their attention to Chinese junk bonds
By Frances Yoon Updated July 28, 2019 1:15 pm ET .
share your thoughts Do you think it’s smart to invest in risky Chinese real-estate bonds at the moment? Why or why not? Join the conversation below. Chinese developers have $114 billion of offshore high-yield bonds outstanding, compared with just $8.9 billion in 2010, according to analysis by Fitch based on Bloomberg data. These are bonds that have at least one junk credit rating and are cross-border, meaning issuers are borrowing in dollars or other foreign currencies. That sum represents more than half of all junk-rated cross-border bonds from the Asia-Pacific region, and is about 10% the size of the $1.18 trillion U.S. high-yield market.
Buyers, which included funds in the U.S. and Europe, “were attracted to our deals because they said it offered yields that were higher” than comparable bonds in their home markets, he added.
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