中國觀點

概要

• Negative news flow around a large private developer at the onset of June has made investors fearful of property developers in general, eventually leading to China offshore high yield to decline by ten per cent over the past two months
• We observe deeper credit differentiation in China’s high yield market, where market pricing increasingly reflects the differences in quality of the securities in focus
• A sell-off of this magnitude usually means that there are more than a couple of cases where prices have come down (yields have gone up) for no good reason, opening up opportunities for yield-hunting investors