July 15 proved a rough day for Chinese bondholders, bringing defaults by five is...
SHANGHAI - July 15 proved a rough day for Chinese bondholders, bringing defaults by five issuers including Jinggong Group, an industrial conglomerate whose interests span steel, finance and rice wine.
“We are seeing more accurate risk pricing and I think it’s a long-term change,” said Yun Xiong, a portfolio manager at Green Harmony Capital in Hong Kong who focuses primarily on fixed income. That is 60% more than the value of defaulted bonds in the first seven months of 2018, and more than half of the total for all of 2018, the highest on record.And ratings agency S&P Global says it expects the number of Chinese corporate defaults to rise in the second half as a slowing economy and the Sino-U.S. trade war contribute to a weaker credit outlook.
Spurring the jump and putting extra pressure on weak issuers was the May 24 takeover of Inner Mongolia’s Baoshang Bank by Chinese regulators, prompted by what they called serious credit risks.
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