Link to the full piece is here.

  • Moody's Investors Service says in a new report that refinancing risk for short-term corporate bonds in the Chinese offshore market is higher than for those in the onshore market, because the companies issuing these offshore bonds were mostly high-yield or unrated companies with fewer funding options. Conversely, the stronger credit quality and funding access of onshore short-term bond issuers temper their refinancing risk.