China Housing Woes Drag Junk Bond Market to Brink of Record Lows
- Notes were steady Wednesday after nearing March low Tuesday
- No end in sight for sector as suppliers join payment boycott
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The housing woes in China are hitting every corner of the industry, with distress signs once again flashing in debt markets.
Prices of high-yield dollar notes are just a whisker away from a record low seen four months ago, according to a Bloomberg index, as fears grow that a liquidity crunch among developers will hurt banks and ripple through healthier companies.