Asian high-yield managers start to close 2021 books due to China property woes

Hong Kong

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 2 months as China Evergrande Group struggles to survive, and investors try to assess which other cash-strapped Chinese developers will be unable to make scheduled payments.