China HY real estate supply to slow: Goldman

05 Nov 2013

Supply in the high yield China property space will be limited by debt incurrence covenants, with incremental issuance likely to be less than US$5 billion, according to Goldman Sachs.

The record pace of Chinese high yield new issuance at the start of the year will not be repeated, due to debt incurrence covenants. Maximum net potential issuance is around US$13 billion with actual supply likely to be smaller, though A-share developers using keepwell structures could surprise markets, ...

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