Over $30bn Eroded From Chinese Developers’ Dollar Bonds Since Mid-August
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...
Q3 Update: $44.5bn Wiped Out With 75% of Dollar Bonds Ending Lower
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...
Lower Rated Chinese Property Developers’ Z-Spreads Widen
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...
