Tale of two bond markets: China onshore diverges as fears rise

By Addison Gong, Rebecca Feng
26 Mar 2020

Chinese bond issuers are confronting a chaotic market at the moment: onshore yields for state-owned enterprises have fallen to historic lows, offshore yields have ballooned and more than 50 issuers have been forced to cancel deals this month. Rebecca Feng and Addison Gong report.

The fallout comes despite a surprising wall of bond issuance over the past two months. Chinese companies have sold more bonds since the beginning of February than they did in the same period last year, despite the clear damage the Covid-19 pandemic has done to the country’s economy.


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