Record China Builder Downgrades Don't Tally With Rallying Bonds

  • S&P took 15 negative actions on Chinese developers this year
  • Sector's `immediate problem is the interest payments:' Natixis

Just as Chinese builders’ dollar bonds deliver twice the returns of Asian junk notes, S&P Global Ratings is predicting record downgrades. That discord hasn’t gone unnoticed among investors.

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