Offshore investors in Asian corporate bonds have always had a masochistic streak. As they are typically lending to the holding company, rather than the operating company – where the assets are – they have never been in any doubt they would come off much worse than onshore creditors, should push come to shove.
亚洲公司债券的海外投资者总是有一点儿自虐。由于他们通常投资给控股公司，而非资产所在的运营公司，他们从不曾有丝毫的怀疑，一旦遇到紧要关头，他们的境遇会比亚洲本土债权人糟糕得多。
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