China's short-term bonds could be next risk target
So far this year, 17 firms have priced US$4.3 billion of under-the-radar debt due in less than a year
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Hong Kong
CHINA'S riskiest borrowers are ramping up sales of short-term dollar debt again, reigniting speculation that the authorities will clamp down on what has become a way to raise cash under the radar. Beijing's deleveraging drive - endorsed by President Xi Jinping and the Politburo in April - has inadvertently fuelled a boom in short-end notes this year.
As the National Development and Reform Commission (NDRC) started withholding approvals for offshore debt issuance by property developers and local government financing vehicles, companies got resourceful, selling debt due in one year or less as that doesn't require permission from the authorities.
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