A bout of selling this week in junk bonds issued by riskier Chinese property developers has sent their borrowing costs soaring to the highest level in a decade and imperilled companies’ ability to access an important funding source.
The wobble in the market for dollar-denominated debt of Chinese companies that carry a speculative-grade credit rating comes as concerns mount over a string of missed bond payments by large real estate developers such as Evergrande, Sinic and Fantasia.
The sector, which is grappling with a slowdown in the Chinese property market and pressure from Beijing to reduce its debts, is now facing exorbitant borrowing costs at a time when companies desperately need cash to avoid defaulting on their debts.
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