中國經濟

China vulture funds feast as corporate defaults rise

A new breed of Chinese vulture funds has emerged as rising corporate defaults drive up bond yields, creating a fast-growing junk bond market worth more than Rmb1.2tn ($171bn).

The boom has been fuelled by a sell-off in debt markets as issuers ranging from private factories to government investment vehicles, hurt by a slowing economy, run into trouble. 

Most vulture funds buy in after issuers show clear signs of distress but before they miss any payments. A small number of investors are bolder, buying bonds that are already in default and thus at a very low price — as low as 10 cents on the dollar — in the hope of an imminent  government bailout. 

您已閱讀21%(652字),剩餘79%(2507字)包含更多重要資訊,訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。
設置字型大小×
最小
較小
默認
較大
最大
分享×