Defaults loom as China stares at 3.7t yuan bond maturities
Bond yields shoot up at fastest pace in over a year and issuance falls 43%, as sentiment worsens
Hong Kong
CHINESE debt investors are turning bearish at just the wrong time for the nation's corporate borrowers, which face a record 3.7 trillion yuan (S$773 billion) of local bond maturities through year-end.
With this year's biggest note payments concentrated in some of the country's most-cash-strapped industries, China needs buoyant markets to help its companies refinance. Instead, yields in April rose at the fastest pace in more than a year and issuance tumbled 43 per cent as borrowers cancelled 143 billion yuan of planned debt sales.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons