China's $1.4 Trillion Debt Wall Seen Forcing Issuance Rise
- Sellers and buyers will get accustomed to high rates: Citic
- Fitch expects corporate sales to reach 2016 level at least
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China’s bond issuers, faced with 9.7 trillion yuan ($1.4 trillion) of maturing debt this year, are stepping on the gas.
Companies and governments sold 1.3 trillion yuan of onshore notes in March, about as much as in the first two months of the year combined, according to data compiled by Bloomberg that excludes certificates of deposit. Fitch Ratings expects refinancing needs to drive issuance in the coming months, with corporate debt sales for the year forecast to match or even exceed last year’s total. Chinese companies issued a record 9.8 trillion yuan of bonds in 2016.