by Raahil Shah | Jan 16, 2023 | Insights
The first two weeks of 2023 has been one of the busiest starts to a year for the primary bond markets with $50.2bn of new corporate dollar bond deals, up 15.7% over the corresponding period last year. Issuers across regions have flooded the international bond markets...
by Raahil Shah | Oct 25, 2021 | China, High Yield Bonds
The past few months have been difficult to say the least for Chinese property developers, marred by a wall of looming debt payments, tight liquidity conditions and a series of credit rating downgrades. In fact, the pace at which the three major credit rating agencies...
by Raahil Shah | Oct 15, 2021 | China, High Yield Bonds
As the turmoil unfolds in the Chinese real estate sector, developers’ dollar bonds have seen an erosion of over $30bn in notional value since mid-August. In the animated chart below, we have plotted prices of Chinese developers’ bonds in our universe on...
by Raahil Shah | Oct 4, 2021 | High Yield Bonds, Insights
The third quarter of 2021 was a volatile one with three-quarters of our dollar bond universe ending in the red in terms of price return ex-coupon. This is in contrast to Q2 which saw 67% of dollar bonds delivering a positive price return, reversing losses from a...
by Raahil Shah | Sep 9, 2021 | China, High Yield Bonds
Dollar bonds of lower rated Chinese property developers have seen their Z-Spreads widen sharply in recent months, indicating the increasing credit, liquidity and optionality risks. Looking at the overall real estate space, we can see a large widening across single-B...
