Three years after retreating from international debt markets, Chinese companies are staging a comeback to dollar bonds.
The revival comes after a period that saw the near-collapse of China’s high-yield bond market, once a cornerstone of Asia’s debt landscape. The sector’s dramatic decline is stark: Chinese property developers, which commanded 40% of Asia’s high-yield market in 2020, now represent merely 8%.
This downturn began with property giant Evergrande’s catastrophic default on both onshore and offshore debt, triggering a cascade of failures across leading developers.
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