Investors fleeing the yield-parched debt markets of the developed world are being forced to explore some unfamiliar frontiers, including China’s huge domestic bond market.
But how much exoticism is acceptable as a trade-off for higher yields? Chinese government bonds, backed by strong ratings from international rating agencies, are considered safe enough by some (see first chart). The 10-year bond is currently yielding 2.82 per cent, eclipsing the welter of negative-yielding issues around the developed world.
But how about buying a piece of the $2tn in debt issued by one of the world’s most indebted corporate sectors as default rates surge and domestic credit rating agencies continue to claim that everything is just fine?
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