Here's what China's real estate debt crisis could mean for Asia junk bond investors [CNBC]
Moody's Corporation (MCO)
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Source: CNBC
From an average of over 35% share within the funds, it has fallen to around 15%, according to portfolio managers and analysts that CNBC spoke to. What this could mean is that investors in these high-yield funds will now unlikely reap the same yields as before. China's real estate bonds were once key performance drivers for Asia junk bond funds, but the market share from property bonds has fallen as a result of the country's property debt crisis. As a result, investors of high-yield bonds in Asia must brace for lower returns, investment analysts tell CNBC. The market capitalization of those real estate bonds has fallen from an average of over 35% to around 15% within some Asia high-yield funds as the debt crisis drove down prices of property bonds, according to portfolio managers and analysts who spoke to CNBC. Property bonds traditionally form the bulk of the Asia high-yield universe. But as their market value fell, their share in the overall Asian junk bond market shrank a
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