This via Bloomberg:
- The most defaults on corporate bonds ever for a first quarter
- 7 companies have defaulted on a total of nine bonds onshore so far in 2017
- Versus 29 for all of last year
- Most of them depend on heavy industry and construction
- "Weak companies can't sell bonds, which adds to the pressure on their cash flow," said Liu Dongliang, a senior analyst at China Merchants Bank Co. in Shenzhen. "The pace of defaults will continue. It will be even more difficult for weak companies to sell bonds because corporate bond yields may rise further -- the current yield premium doesn't provide enough protection against credit risks."
