Too big to ignore
I’m as happy as anyone to see signs of life in Asia’s high yield bond market. It may be a murky place where some issuers come with more hair than a Tibetan yak, but we all need a break from Korean quasi-sovereign deals once in a while.
Just months ago, however, the chances of a Chinese company returning to the high yield market looked slim, if not downright impossible.
I remember conversations that were going on when Asia Aluminum defaulted on its high yield debt earlier this year, after offering investors an exit at just
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