Heard on the Street: Investors in dollar debt backed by one of China’s largest cities may find themselves with a much shorter haircut before the winter holidays. One date to watch: Dec. 16
Investors in dollar debt backed by one of China’s largest cities may find themselves with a much shorter haircut before the winter holidays. One date to watch: Dec. 16.
Chinese state-owned enterprises have occasionally punted on yuan-denominated debt, but offshore defaults are far rarer. Investors have therefore viewed SOE dollar debt as more or less a sure thing. Any change to that assumption could mean higher refinancing costs for local governments, leading to more defaults and making it harder to shore up tepid infrastructure...
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