Global Banks Lose Juicy Fees as China Junk Bond Drought Drags On
(Bloomberg) — High-yield bond sales in Asia are off to their slowest start in six years as China property developers remain largely shut out of the market, dealing a blow to the top arrangers of these deals including HSBC Holdings Plc and JPMorgan Chase & Co.
Companies have raised just $2.41 billion in the region’s dollar junk bond market this year, compared with $21.9 billion in the same period last year. The drought extends a slowdown from 2021 when issuance plunged 42% in the second half from the previous six months to a five-year low, according to data compiled by Bloomberg.
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