Private Banks Sell Debt in Worst Quarter Since ’11: China Credit
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Chinese high-yield dollar-denominated bonds are returning the least in more than a year as private banks react to a flood of debt supply and rising global interest rates by cutting holdings.
Investors have gained 2.24 percent from the notes since Dec. 31, poised for the worst quarter since the three months ended September 2011, according to Bank of America Merrill Lynch indexes. Globally, junk bonds have returned 2.47 percent, the data show. Coutts & Co. is advising clients to shift into stocks and trim corporate debt holdings.