A few years ago, Asian high yield was on the crest of a wave. Junk-rated Chinese property companies could sell US dollar bonds at yields below 5% – hardly high. There were occasional defaults, with outcomes varying from steep haircuts on some Indonesian paper to an exchange offer for Kaisa Group Holdings’ defaulted bonds that left holders in the money before long. Kaisa’s default in 2015 was the first by a Chinese property company on offshore bonds, a trend that has gathered pace lately and roiled the broader market. Since China Evergrande...Read more