May
03
The $571 Billion Debt Wall That Points to More Defaults in China
By-
Defaults seen spreading as borrowers struggle to refinance
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April issuance sank 43% as 143 billion yuan of sales canceled
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 ($571 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 percent as borrowers canceled 143 billion yuan of planned debt sales…
The $571 Billion Debt Wall That Points to More Defaults in China
