China may have to brace for a new wave of bond defaults, S&P says [MSNBC.com]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: MSNBC.com
Residential buildings under construction at the Phoenix Palace project, developed by Country Garden Holdings Co., in Heyuan, Guangdong province, China in September 2023.Bloomberg | Bloomberg | Getty ImagesBEIJING — It would be the third round of corporate defaults in about a decade, the ratings agency pointed out.It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy.China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed."To a certain extent this is not a good sign, because we see this divergence as something that's not the result of the functioning of markets," Chang said. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market.""The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?" he said,
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