They may not sound too sexy, but a product called “structured bonds” has become the latest financial product to come under the microscope in the wake of the recent failure and subsequent bailout of Baoshang Bank in Inner Mongolia.

In a new in-depth story, Caixin examines this most secretive and creative corner of China’s bond market used by companies to secure funding they couldn’t otherwise obtain based on their credit ratings. Such bonds were a useful tool and functioned well during the good times. But that has changed in recent weeks as liquidity has tightened in the wake of the Baoshang failure.

To read more about this little-known product and how it has been affected during the recent liquidity crunch after Baoshang’s failure, click here.

Contact reporter Yang Ge (geyang@caixin.com)