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Bond Market in China May See First Local Default
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The potential default of Shanghai Chaori Solar Energy Science and Technology Company on a 2012 bond of one billion renminbi, as the company says it cannot make a payment of 89.9 million renminbi or $14.6 million. China's corporate bond market is now the third largest in the world after the U.S. and Japan, according to BIS. The Asian Development Bank figures are total corporate bonds outstanding of 500 billion renminbi in 2005 growing to 8.5 trillion renminbi in 2013 (or about $1.4 trillion).
Defaults in the bond market in China- 2014-2015
03/04/2014
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Bond Market in China May See First Local Default
New York Times 03/04/2014
Default Signals Growing Maturity of China's Bond Market
New York Times 03/07/2014
Why Investors Shy Away From China’s $6.4 Trillion Bond Market
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The junk bond market for U.S., Europe and China 2012-2014
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Wall Street Journal 05/11/2013
Bond Market in China May See First Local Default
New York Times 03/04/2014
Default Signals Growing Maturity of China's Bond Market
New York Times 03/07/2014
Why Investors Shy Away From China’s $6.4 Trillion Bond Market
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The Stock Market Is Missing the Warning From Junk
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As the Pace of China's Junk Bond Sales Grows So Do Worries
New York Times 03/28/2013
The bond market in China and risks to the banking system
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Critics Decry Risks Posed by Link Between China's Banks and Bonds
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China's Credit Levels Echo U.S. Crisis
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Bond Market in China May See First Local Default
New York Times 03/04/2014
Default Signals Growing Maturity of China's Bond Market
New York Times 03/07/2014
China's Moment of Truth: Financial Reform or Growth?
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Why Investors Shy Away From China’s $6.4 Trillion Bond Market
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Junk bonds issued by China's housing developers in 2013-2014 and the higher risks to foreign investors
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The yields on these bonds have declined from 11-12% in 2012 to 7-8% in 2013. Investors risk losing everything as the bonds are issued by foreign subsidiaries and are not backed by the housing developer's assets in China. Creditors and banks in China are the first to get their money back in a bankruptcy as in the case of the bankruptcy of Suntech Power, while foreign bondholders risk complete losses. Developers in China are increasing issuance of junk bonds as there is limited access to other sources of financing.
Grouped Articles
Asia Goes on a Debt Binge as Much of World Sobers Up
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A Warning Light to Alert the I.M.F.
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I.M.F. Tells China of Urgent Need for Economic Change
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Critics Decry Risks Posed by Link Between China's Banks and Bonds
Wall Street Journal 08/16/2013
Bond Market in China May See First Local Default
New York Times 03/04/2014
The Man at the Center of Solar-Panel Maker Suntech's Fall
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